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  1. Oil price hovers at four-month high
  2. Motorists warned on car hire abroad
  3. Wasps rugby club launches £35m bond

Live Reporting

By Ben Morris

All times stated are UK

Get involved

Ben Morris

Business Reporter

So that's it for our new extended Business live page. Alas, we have to close just before Apple releases its latest results, but keep an eye on our regular business pages for that news. We'll open up again at 06:00 on Tuesday.

Wall Street update

US shares finished with modest losses, with the

Dow Jones Industrial Average closing 0.2% lower at 18,037.97. The
S&P 500 closed 0.41% lower at 2108.92. The
Nasdaq recorded a sharper loss of 0.6% to 5,060.25.
Tesla was the biggest winner on the Nasdaq up 6% on optimism over a product launch from the electric car maker later this week.

Pratt & Whitney criticised

F-35 jet
Lockheed Martin

The internal watchdog at the United States Department of Defense (DoD) has been inspecting the quality management at the Pratt & Whitney operation making engines for the wildly expensive F-35 combat jet.

It found 61 problems or "nonconformities", as the DoD likes to call them. More than half were deemed major. The company says it is taking "aggressive" steps to address the watchdog's findings.

Lifestyle concierge

Velvet ropes

If you are rich and very busy (or a bit lazy) there are companies that will organise your life. Companies like Ten Group can get you into exclusive restaurants, or even book pop stars for parties. Welcome to the lifestyle concierge business.

Find out more in Will Smale's feature.

Via Blog

Duncan Weldon

BBC Newsnight

"Here's one question that has received very little attention: what happens if we get hit by another recession in the next five years? The last recession ended in 2009 and, if history is any guide, the UK will be due one at some point in the second half of the 2010s. Hopefully this debate will not be necessary - but if it does, then we may regret the lack of planning and debate that has marked the campaigns so far."

Cable TV battle

US cable TV companies are worried that customers are abandoning their subscriptions or in the case of younger customers, never signing up for cable TV. Verizon has tried to tackle that and is being sued as a result. It has offered a stripped down package for $55 a month and an option to add the sports network ESPN. However, ESPN which is owned by Disney says that breaks their agreement and is suing Verzon as a result.

Wall Street update

Dow industrials

The Dow has reversed direction, now trading a touch lower at 18,068. McDonald's is the biggest loser, down almost 2%. Healthcare shares are also lower, after a strong start to 2015.
Unitedhealth Group is down 1.8%.

Apple shares rise

apple shares

Apple's shares are currently trading 1.7% higher, well ahead of
the Nasdaq index which is currently 0.4% lower. The rise suggests that investors are expecting positive news from the tech giant's first quarter results, due out after US markets close.

The art of resigning

The best way to leave your job is a hot topic at the moment following a Chinese teacher's simple 10 character resignation letter announcing "The world is big and I want to go out and see it". FT Columnist Lucy Kellaway says on

World Business Report radio that it reminds her of
Patrick Pichette's letter posted on Google+ to say that he was resigning as the company's chief financial officer to go backpacking with his wife, widely deemed inspiring. She notes his $5.2m salary a year made the decision easier for him than the vast majority, and that in reality he's just taking a long holiday. She advises listeners to "make their own choices".

Greek break-through?

Yanis Varoufakis
European Photopress

News that Greece has restructured its negotiating team with finance minister Yanis Varoufakis reportedly sidelined, is being viewed positively, Jeremy Batstone-Carr of Charles Stanley tells

World Business Report. He says the chances of a break-through in
the ongoing talks with creditors now seems more likely. "European countries want to provide Greece with more loans in order to retain control over what happens," he says.

Mylan says 'no' to $40bn bid

generic drugs
Getty Images

The biggest potential pharmaceutical deal of the year is looking decidedly shaky after

Mylan's board unanimously rejected a $40bn takeover offer from Israeli drugmaker Teva. Mylan, which is currently trying to buy Irish firm Perrigo, said the offer "grossly undervalues" it and would require shareholders to accept "low-quality Teva shares in exchange for their high-quality Mylan shares".

Tesla's shares jump

Tesla, Shanghai Motor Show
Getty Images

Shares in Tesla are leading the Nasdaq, with a 7% gain. There is some excitement ahead of a company announcement later this week. There's speculation Tesla might announce a range of batteries for the home and businesses. Tesla is of course best known for making electric cars,
but is also investing $5bn in a massive battery plant in Nevada.

Chipotle takes a stand

Chipotle website

Chipotle plans to become the first national US food chain to eliminate genetically modified ingredients from its food. It has eradicated most genetically modified products and is making final changes to its tortillas. Most US corn and soybeans are genetically modified and US authorities cleared them as safe.

But Chipotle says such foodstuffs do not "align" with its "vision".

Morrisons annual report

Morrisons shopper
Getty Images

Morrisons has released its annual report. In it Morrisons says: "We own, operate and control a greater proportion of our fresh food supply chain than any other major grocery retailer in the UK." New chairman Andrew Higginson writes: "We will free up resources from within the business to re-invest more in the customer proposition - price cuts, but also service and availability."

FTSE closes at a record

FTSE 100


FTSE 100 was powered to a record close by gains for banks, brokers and insurers.
Standard Chartered was up 4.2% and
HSBC Holdings was up 3.1%. A report that HSBC was considering selling its British High Street banking business boosted its shares by 3.1%.
British Airways owner, IAG, was up 2.2%. It reports first quarter results on Thursday.

Hi-tech merger off

Shares in

Applied Materials have slumped 6.6% on the Nasdaq. It may not be a household name, but Applied Materials is one of the biggest makers of the hi-tech kit that goes into factories that make computer chips, solar panels and screens for TVs and computers. Earlier today it scrapped a $10bn deal to buy Japanese rival Tokyo Electron, due to objections from US competition regulators.

Robust US economy

Burgers with US flags
Getty Images

Business activity in the US service sector remained strong in April,

according to the latest survey by Markit. The report also suggested that the rate of job creation reached a 10-month high in April, helped by the strong service sector. For the number crunchers among you: the seasonally adjusted Markit Flash US Composite PMI Output Index registered 57.4 in April, down from 59.2 in March - anything above 50 indicates expansion.

Get in touch

Andrew Norris writes to the Business Live page: "Good to see you are extending the hours again. I hope soon you can incorporate a scrolling information bar indicating currency and markets rates." Is this something other readers would like to see? Perhaps there are other features we could incorporate? Email

Hollywood on Wall Street

Actors Robert Downey (in dark glasses) and Jeremy Renner at the New York Stock Exchange
Getty Images

Actors Robert Downey Jr, Jeremy Renner and executives from Marvel rang the opening bell at the New York Stock Exchange as part of the marketing for the movie Avengers: Age of Ultron.

It's expected to be one of the biggest movies of the year and could be the third billion dollar movie from the Marvel stable.

Longer live page

Ben Morris

Business Reporter

We're making a little history on the Business live page. From today it runs through to 21:30 BST. That means we can give you better coverage of the news from North and South America, as well as staying with european stories for longer. I hope you enjoy the coverage. You can email us at or tweet @bbcbusiness.

Wall Street update

Dow industrials

Shares in Disney are leading the
Dow Jones Industrial Average higher in the early trading. Disney is up 1.2%, helped by positive comments by brokers on Monday.
Shares in Apple are 1.7%. It reports quarterly results after the close of trading on Monday. That's helped the Nasdaq index add 0.2%.
The Dow is also 0.2% higher.

Apple Pay

Apple logo
Getty Images

One of the biggest issuers of US credit cards, Discover Financial Services has signed up to Apple Pay - that's Apple's payment service

which was launched in the US in October. Discover was the last of the big credit card companies to join the service. Apple Pay allows users to pay using their mobile phone or Apple Watch.

Chinese wine

wine buyers in china

China now has the second-largest wine-growing area in the world after Spain, pushing France into third place, according to the International Organisation of Vine and Wine. The figures for 2014 showed China had 799,000 hectares (1.97 million acres) of land devoted to wine growing, compared with 1.02 million hectares for Spain. France remained the biggest producer of wine in the world, pumping out 47 million hectolitres last year.

FTSE 100 update


FTSE 100 continues to drift between positive and negative territory. Having begun the day higher and then fallen back, the index is now 0.5% up at 7,106.67 points.
HSBC is still the biggest riser, up 3.53% on the continuing belief that moving its headquarters abroad could be good for the bank. Tesco, down 2.54%, is the biggest faller as investors react to Friday's credit rating downgrade by Fitch.

Via Twitter

Job losses

Douglas Fraser

Business and economy editor, Scotland

Tweets: Major job loss in Markinch, Fife: Tullis Russell papermaker calls in administrators. 325 made redundant today, 149 kept to complete orders.

Greece debt talks

A Greek flag flutters in front of the Greek parliament

Greece has reshuffled its team of officials handling debt talks with the European Union and International Monetary Fund after making little progress in the last two months. A government statement said a "political negotiation team" would be formed under junior foreign minister Euclid Tsakalotos, a 55-year-old economics professor, to assist the talks. It was unclear at this point where that leaves the outspoken Greek finance minister Yanis Varoufakis.

Applied Materials deal off

Applied Materials has called off its $9.4bn (£6.2bn) purchase of rival Tokyo Electron. The companies said that they were told by the US Department of Justice that there remained competition concerns about a deal that would have merged two of the world's biggest semiconductor industry suppliers.

Via Twitter

Paper licenses

Brian Milligan

Personal Finance Reporter, BBC News

Tweets: If you want to hire a car abroad after June 8 - you'd better read this #carhire

Call centre jobs

Call centre specialist Webhelp UK announces plans to create about 400 new jobs at sites in East Ayrshire and Argyll. The company says the move will double its workforce at Kilmarnock and Dunoon. Webhelp adds that it is looking to recruit during the next few months in response to demand for its services. They provide outsourced call centres.

Oil price

oil barrels

Oil prices are

trading around a four-month high, but where are they going next? Hedge funds and speculators are supposed to know a thing or two about market direction, and they are betting the price will rise further. Latest data from the InterContinental Exchange shows investors have increased their long positions in Brent crude futures and options to the highest level since records began in 2011. Positions in US crude have also risen.

Paper licences

From 8 June, the paper bit of your driver's licence doesn't do anything. But, says the AA, make sure you keep it to go on holiday! Edmund King, AA president, said: "Despite the paper counterpart being phased out we would still encourage drivers to take the counterpart with them if they intend to drive abroad. Not all car rental companies, or indeed traffic police abroad, will be aware of the changes so a 'belt and braces' approach of also taking the counterpart might help."

Home building pledge


Labour will build 1 million homes by 2020, Labour leader Ed Miliband says at a conference in Stockton South. He also says Labour is proposing "stable" three-year tenancies and a cap on rent increases in the private rental market.


China is considering merging scores of its biggest state-owned enterprises to create around 40 national champions from the existing 112, the official Xinhua news agency says. "The State-owned Assets Supervision and Administration Commission has issued an internal document to promote the process," Xinhua says. The aim is to stop the intense rivalry among the state-owned firms that some officials believe is holding back international growth.

Invest in Germany


Germany attracted a record €3.2bn in foreign investment last year, according to the country's trade body GTAI. There was a significant rise in investment from China, Germany Trade & Invest said. Foreign investors started 1,199 new projects in the country in 2014, up a fifth from a year earlier. Foreign investment also created at least 16,000 jobs in Europe's biggest economy last year, GTAI said. The largest number of investors came from China, pushing the US into second place.

Japan downgrade

Fitch cut its credit rating on heavily-indebted Japan by one notch, warning that Tokyo had not done enough to plug a budget gap. The move sees Japan's rating trimmed to "A" from "A+" and comes several months after rival credit agency Moody's downgraded Japan's credit rating, citing "rising uncertainty" over the debt situation and Prime Minister Shinzo Abe's faltering efforts to kickstart the world's number three economy.

Via Blog

Who to trust at Alliance Trust?

Douglas Fraser

Business and economy editor, Scotland

For Dundee and its shareholders, the battle over Alliance Trust is more than just another battle for corporate control. But for Elliott Advisers, an American-based hedge fund, that's exactly what it is. It's about creating value for shareholders, and doing so rather aggressively. The shareholder sees Alliance Trust as a company which is vulnerable for having under-performed, according to the market benchmarks of choice,

Business editor for Scotland Douglas Fraser explains in his blog.

FTSE 100 update

FTSE 100 graph

Having got off to a positive start, the

FTSE 100 has drifted into negative territory. The index is down 0.37% at 7,044.75 points.
HSBC is still the biggest riser, but is now trading up 2.7% after hitting 4% earlier. The main loser is
ITV, down 1.82%.


Investors have delivered their verdict on Ferdinand Piech's

resignation over the weekend as chairman of Volkswagen.
The shares rose more than 5% in Frankfurt. That reverses losses during a two-week power struggle with chief executive Martin Winterkorn.