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Summary

  1. Prime Minister says nationalising the steel industry is not the answer
  2. Landlords scramble to beat stamp duty hike
  3. GSK to waive patents in poor countries

Live Reporting

By Karen Hoggan

All times stated are UK

Get involved

Goodnight

That's it from another packed day on the Business Live page.

Tomorrow we'll have more on the new National Living Wage which comes into effect in the UK and tech giant Apple's 40th birthday.

Join us for that and more...

Two states move closer to $15 minimum wage?

A sheet of freshly printed one dollar bills
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New York state has reached a "tentative deal" to raise the minimum wage towards $15 (£10.44) an hour, Reuters reports, but the agreement doesn't go as far as a uniform state-wide increase.  

The agency also says a plan to raise California's minimum wage to $15 an hour by 2022 cleared its toughest legislative hurdle on Thursday, "putting the state on track to become the first in the nation to commit to such a large pay hike for the working poor".

On Friday, of course, the new National Living Wage comes into effect in the UK, and we'll be bringing you more on that here on the Business Live page.

Wall street closes flat

Wall Street sign
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Wall Street has just closed - and the boost shares enjoyed earlier in the week has plateaued somewhat.

The Dow Jones industrial average fell 0.18% to 17,685.09 points, and the S&P 500 fell 0.20%% to 2,059.74 points.  

The Nasdaq Composite rose 0.01% to 4,869.85.

On Friday, the US employment report will give more insight into what's going on in the world's biggest economy, so there may well be some market reaction to that.

GE Capital want to shed 'too big to fail' tag

Close up of GE logo
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General Electric's financing arm - GE Capital- has asked regulators to remove it from the list of institutions deemed "too big to fail" after having shrunk the size of its business.

GE said it no longer posed "any conceivable threat to US financial stability".

US regulators labelled GE Capital a systemically important financial institution (SIFI) in 2013.

SIFIs fall under stricter regulations to protect the financial system.

For many lower paid workers this could mean hundreds pounds extra per year.
A new national living wage for those over 25 is coming into effect.

China set to become McDonald's second biggest market

Close up of burger and chips
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McDonald's is to open more than 1,000 restaurants in China over the next five years, making it the chain's second-largest market after the US, Reuters reports. 

The company says it will open 250 outlets a year in China, where it currently has more than 2,200 outlets - part of a strategy to focus on high-growth markets to boost sales. 

McDonald's said it would add another 250 outlets in Hong Kong and South Korea over the same period and was seeking franchise partners in the all three markets, where it now has more than 2,800 restaurants. 

George Osborne in a Tata Steel jacket looking sad

Jay Cockburn

Newsbeat reporter

As Tata plans to sell their UK steel business we look at why the government is unlikely to bail out steel in the same way it saved the banks.

Read more
Vaughan Roderick on the impact the Tata announcement is likely to have on the assembly elections
Vaughan Roderick on the impact the Tata announcement is likely to have on the assembly elections.
Save our Steel badge

Edward Curwen

BBC News analysis and research

The UK government has said it will consider helping Port Talbot steelworks survive - but any intervention risks falling foul of European Union state aid rules.

Read more

Staggering stat of the day

BBC News Graphics tweets

BP puts Shetland gas plant 'on hold'

BBC Scotland business editor tweets

Apple's big 4-0

Two shoppers in Tokyo take a selfie with the new iPhone SE
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Apple is set to celebrate a big birthday tomorrow. 

The tech giant - which was set up in a California garage on 1 April 1976 - will hit the grand old age of 40. 

From those humble beginnings it's grown into a company worth $700bn (£486bn). 

And ahead of the big day Apple has just launched its iPhone SE - aimed at emerging markets like China and India - and the new smaller iPad Pro.

Muller to close two dairies in Scotland

BBC Scotland business editor tweets

Chancellor: 'Port Talbot could have closed overnight'

George Osborne is attending the G20 Finance Ministers' meeting in Paris

Faced with the collapse of the world steel price, we were facing a situation where Port Talbot could have closed overnight. The government intervened to buy breathing space to look for a long term future under new owners. That's what we're doing right now. And we're also taking action to cut energy prices, to make sure that British steel is used in British construction. And we're having conversations with other governments, like I'm having here in Paris, to make sure we take action against unfair cheap steel imports. "

George OsborneChancellor of the Exchequer

Customers queue for Tesla's Model 3

BBC technology correspondent tweets

The newest and cheapest Tesla electric car - the Model 3 - is due to be unveiled in Los Angeles later.

It's got a price tag of about $35,000 (£24,000) and is being billed as a test of Tesla's ability to become more than just a niche player in car manufacturing. 

View more on twitter

The FTSE edges down ...

The FTSE 100 closed down slightly - (-0.46%) or 28 points at 6,174.90.

The biggest riser was travel firm TUI off the back of news that its bookings are up for the summer, especially from UK customers. 

Survey to turnaround Norwich market

Rob Sykes

BBC Radio Norfolk

A consultation on the future of Norwich market ends today. 

More than a third of the stalls currently stand empty, and Norwich City Council has been asking for ideas on how to turn it around.                       

Take a glimpse inside tomorrow's office

BBC technology reporter tweets

Ring a bell?

Most people - a staggering 88%, in fact - miss common warning signs of a pensions scam, for example, unusually high investment returns, cold calling and offers of free financial advice. 

That's according to a new report called "Too good to be true" published by the charity Citizens' Advice. 

The trouble is most people think they can spot a fraudster's tricks a mile off. 

The report reckons phone calls, post and emails which come out of the blue pose the greatest risk of a scam. It found nearly 11 million consumers had received unsolicited contact about their pension in the last year.  

Citizens' Advice has several tips to avoid being scammed - top of the list: "Ignore any contact you receive out of of the blue about your pension. This could be in person, online, on the phone or in the post."

You've been warned ...

Corby plant

Tata Steel workers are in "complete shock" about the company's plan to sell the UK steel business.

Read more
Port Talbot steel

Jamie Robertson

BBC World News

With Tata abandoning its UK operations, the future for British steelmaking is bleak. We look at the options for the industry.

Read more

Shares in New York creep up - just

Wall Street sign
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There's been little change in shares on Wall Street in early trading.

A short while ago the Dow Jones opened up a shade at 17,740.98 - a rise of just 0.14%.

There was even less movement on the Nasdaq - which saw a rise of a mere 0.04% to hit 4,870.93. 

And the S&P 500 scrapped an increase of 0.05% to 2,064.96.

We'll be watching to see what happens in the course of the day. 

Can you name the UK's 'crash for cash' capital?

BBC Business tweets

Have you been paying attention to the day's money news? 

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GSK looking to 'patent pool' on cancer drugs

GSK tweets

GlaxoSmithKline 'will not file patents' in poorest countries

BBC World Service

The British drugs manufacturer, GlaxoSmithKline, says it will not file patents for its products in the world's poorest nations. 

The step may make some important new medicines more affordable in the developing world.

The company said it would adopt a graduated approach linked to each country's wealth; it said it would continue to seek full patent protection in richer parts of the world. 

'Steel sale needs months, not weeks'

Tata steelworks in Port Talbot
Getty Images

First Minister of Wales Carwyn Jones tells a senior Tata Steel boss that months are needed for the sale of the firm, not weeks.

Tata steelworks in Port Talbot

'Steel sale needs months, not weeks'

Carwyn Jones tells a senior Tata Steel boss that months are needed for the sale of the firm, not weeks.

Read more

Good afternoon

It's Karen Hoggan on the Business Live late shift again.

I'll be keeping you up to date with what's happening in the world of money - so stay with me for the next few hours.   

US unemployment claims see surprise rise

Weekly US unemployment claims unexpectedly rose by 11,000 last week official figures show, to 276,000.

Despite the rise the US jobs market remains strong  remained below a level associated with a strong labor market.

Applications for unemployment benefits have been below 300,000, a threshold associated with healthy job market conditions, for 55 weeks, the US Labor Department says. That's the the longest period since 1973.   

Clarke: 'We can't start a 1930s type tariff war'

The World at One

BBC Radio 4

How will the national living wage affect small firms?

BRICS leaders in trouble

President Zuma of South Africa
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President of Brazil Dilma Rousseff
Getty Images

Two leaders from the 'BRICS' countries seem to be in trouble.

President Zuma of south Africa has been ordered to pay back millions of dollars of public money used to improve his private home and build a swimming pool.  

And in Brazil President Dilma Rousseff has seen her popularity plunge following a corruption scandal at the state run oil company Petrobras, which has been described as the biggest bribery scheme uncovered in Brazil. Ms Rousseff was on the Petrobras' board.

BRICS were the emerging economies of Brazil, Russia, India, China, and south Africa. 

The Start-up Obsession

BBC World Service

Murad Ahmed from the Financial Times on why big business is obsessed with tech start-ups.

Banks, airlines and car makers are obsessed with being more like tech start-ups. Murad Ahmed, European technology correspondent at the Financial Times, explains why  

Former boss of Pru paid £5m for 5 months of 2015

Financial Times tweets:

The former chief executive of insurer Prudential, Tidjane Thiam, was paid £5m for the five months of 2015 that he was still on the board before left to run Swiss bank Credit Suisse.

Tidjane Thiam
Getty Images
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Endangered species in the UK

Oversupply of steel explained

Presenter of BBC Daily politics tweets:

Missing Business Secretary

BBC Assistant political editor tweets:

Earlier reports that the Business Secretary Sajid Javid was due to visit Port Talbot this afternoon may not be quite accurate. 

View more on twitter

McDonald's to expand in Asia

McDonald's in China
Getty Images

McDonald's plans to add more than 1,500 restaurants in China, Hong Kong and South Korea over the next five years. The company also said it was looking for franchise partners. 

McDonald's already has more than 2,800 restaurants in those markets, the majority of which are company-owned. The fast food restaurant chain said it was seeking partners who would "enable localized decisions on growth initiatives." 

Rush to beat stamp duty deadline

BBC personal finance reporter tweets