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  1. Microsoft to buy LinkedIn for $26.2bn (£18.5bn)
  2. FTSE 100 sheds 70 points as Brexit fears mount
  3. Pound falls on uncertainty over referendum vote
  4. G4S shares fall 5% after Orlando gunman found to be an employee

Live Reporting

By Bill Wilson

All times stated are UK

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Good night

That is all from us this evening... see you again on Tuesday. 

US markets wobble again

Dow Jones at close

Wall Street stumbled for a third session in a row on Monday.

Microsoft fell 2.5% after announcing it would buy online networking company LinkedIn for $26.2bn. But LinkedIn shares jumped 47%. 

The Dow Jones fell 132.86 points, or 0.74% percent, at 17732.48, the S&P 500 was down 17 points, or 0.8% at 2079.06, and the Nasdaq Composite fell 46 points, or 0.94%, to 4848.44.

EU Referendum Reality Check graphic

Light bulbs, cars and cigarettes are some of the things you’ve been asking us about.

Read more

Norway and the ins and outs of EU membership

BBC Business tweets...

As Britain's EU referendum approaches, we report on Norway's experience of living within Europe, but outside the EU.

What is the EU Energy Union Strategy?

House of Lords


The EU Commission's Energy Union Strategy proposes to create a single European energy market.

The Energy Union plan would give the Commission more influence in the negotiation of gas supply contracts.

It is partly designed to reduce Europe's dependence on Russian gas, at a time of tension over the conflict in eastern Ukraine.

The proposals still need to be approved by member states and the European Parliament.

The Commission says they will give customers more choice, bring down prices and cut down on the use of fossil fuels.

Read more here.

Pressure gauge on a gas pipe

Asda chief Andy Clarke to be replaced

Andy Clarke has led Asda for six years

Asda owner Walmart has said the UK supermarket's chief executive, Andy Clarke, is stepping down to be replaced by the head of Walmart's Chinese business, Sean Clarke.

Walmart said Sean Clarke's experience would allow him to "reposition the business" in a competitive market.

Sean Clarke started his retail career at Asda in 2001 and has also worked for Walmart in Japan and Canada.

Asda has now reported seven straight quarters of declining sales.

Sadiq Khan bans body shaming ads on the Tube

"Are you beach body ready" advert

Mayor of London Sadiq Khan has banned adverts on the London transport network which could be seen as body shaming.

From next month, Transport for London won't allow ads that could cause pressure to conform to an "unrealistic or unhealthy body shape", or create body confidence issues.

“Nobody should feel pressurised, while they travel on the Tube or bus, into unrealistic expectations surrounding their bodies and I want to send a clear message to the advertising industry about this,” Mr Khan said.

A weight-loss product advert featuring a bikini-clad model asking "Are you beach body ready?" (shown above) attracted hundreds of complaints last year. That advert would not be allowed under the new rules, a spokesperson for the mayor confirmed. 

Riding the wave

Microsoft chief executive Satya Nadella explains why the $26bn LinkedIn deal is about riding the next wave of technology to technology correspondent Rory Cellan-Jones.

Microsoft boss explains how LinkedIn fits with his plans for the future

Universal superfast broadband 'not enough': TalkTalk boss

Digital Skills debate

House of Lords


Baroness Harding of Winscombe - better known perhaps as TalkTalk chief executive Dido Harding - argues that improving broadband coverage in the UK is "not enough". She tells peers that 10m people "remain digitally excluded" as they do not know how to use the internet. 

"The vast majority" of digitally excluded people have access to super-fast broadband, they're scared of it and they think it's not for them. Extending broadband coverage is not a substitute for improving digital skills," she says.

Pointing to research from the Tinder Foundation she tells peers it costs "as little as £47 to open up the digital world to someone" and calls on the government to increase the investment into achieving universal digital literacy.

Baroness Harding of Winscomb

Trolls about?

North America technology correspondent Dave Lee wonders whether the timing of the LinkedIn deal was coincidental. WWDC is Apple's developer conference, in case you were wondering. 

View more on twitter

How the deal will work

Watch technology correspondent Rory Cellan-Jones's interview with Microsoft chief Satya Nadella and LinkedIn boss Jeff Weiner.

Bosses Jeff Weiner and Satya Nardella explain how the $26bn deal will work
Coins and notes

Changes to rates relief on empty property could be behind a slump in industrial construction output in Scotland, according to two industry bodies.

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What is a LinkedIn user really worth?

BBC Technology Correspondent Rory Cellan-Jones tweets....

Spoke to @satyanadella & @jeffweiner & asked whether infrequent LinkedIn users like me are really worth $250 each

Spoke to @satyanadella & @jeffweiner & asked whether infrequent LinkedIn users like me are really worth $250 each

G4S shares slide on Florida gunman link

G4S logo

G4S shares fell 4.9% on Monday after it emerged the company had employed Orlando gunman Omar Mateen, who killed 50 people in a Florida nightclub.

G4S said Mateen was employed at a residential community in south Florida.

The fall appeared to be prompted by worries the massacre could damage G4S's ability to win US government contracts.

The 9.18p decline to 178.2p brings the slide in G4S shares this year to more than 21%, and 38% over the past 12 months, leaving the company worth £2.7bn.  

In search of the perfect office

In the first of five features, Paddy O Connell goes in search of the perfect place to work
Over half of employees in the UK work in an office and a recent Ipsos MORI poll found that a tenth of British workers said theirs was "ugly" and a third said it was "impersonal".  

Paddy O'Connell is in search of the perfect office, and his first stop is at The Long Barn in Bedfordshire.
He took Helen Berresford, who judges offices for the British Council of Offices, to meet the architect Nicholas Tye,  who has built his glass and wooden office in the middle of a field.  

(Photo: The Long Barn, Bedfordshire                Credit: Nicholas Tye Architects)

Bank stocks dip as EU vote looms

FTSE closes at three month low

FTSE close graph

It's not just the pound that's taken a buffeting today over uncertainty about next week's EU referendum result. Some of the UK's biggest bank stocks have also seen declines. 

Lloyds was down by 4.21%, Barclays by 2.51% and Standard Chartered by 2.91%.

The FTSE 100 ended the day down by 70.79 points, or 1.16%, at 6044.97.  That is its lowest close since the second week in March. 

Sterling suffers volatile trading

Man counting US dollar and Bank of England sterling notes
Getty Images

Sterling see-sawed on Monday as investors reacted to growing uncertainty over the outcome of the UK's EU referendum.

The currency initially slipped against the dollar and euro, only to start recovering in mid-afternoon trading.

Earlier, sterling weakened to a three-year low against the Japanese yen of 149.50. 

The pound also sank to an eight-week low against the dollar but subsequently recovered to trade 0.14% higher at $1.4275. Against the euro, sterling was off intra-day lows, but still down 0.26% at 1.2647.

LinkedIn boss Reid Hoffman: 'Leave the beaten path'
LinkedIn co-founder Reid Hoffman offers the advice he wishes he had when he started out in the world of business.

'BHS owner tried to buy Austin Reed'

Austin Reed shirts

"The owner of BHS was trying to buy struggling tailor Austin Reed just a month before the department store collapsed," Business Insider reports.

It says that a letter was sent to MPs probing the collapse of BHS from Alan Jacobs, a  retail professional who intermittently advised BHS buyer Dominic Chappell, 

The letter claims Mr Chappell was in discussions with the "management team of Austin Reed Group and its advisers between January and March 2016", just before the upmarket tailor went into administration. 

Opec: Excess oil supply likely to ease

Oil field Bahrain

Opec's latest forecasts on the oil market suggest prices will continue to rise in the second half of the year. Excess oil supply is "likely to ease over the coming quarters", with non-Opec countries supplying almost one million barrels per day fewer than the same period last year, the group predicts

At the same time, faster growth in the world economy will lead to higher demand for oil, Opec says. The oil price has already "improved considerably" from the start of the year.

Provided that there is a clearer picture regarding oil supply and demand, the expected improvement in global economic conditions should result in a more balanced oil market toward the end of the year.


Microsoft shares down on LinkedIn news

Dow behind in early trade

Microsoft share price
Microsoft share price graph

Microsoft shares have led the early share fallers in New York trading, down by roughly 3.5% to 4.5% since it announced it was buying LinkedIn for $26bn.

Meanwhile LinkedIn's shares have surged by close to 50% on the news.

Not long after open the Dow Jones was down 0.22%, the broad-based S&P 500 down 0.28%, and the tech-based Nasdaq down 0.48%.

Nadella email to Microsoft employees

'Excited' at deal to buy LinkedIn

Microsoft logo

Microsoft boss Satya Nadella has contacted staff to explain the reasoning behind the Microsoft-LinkedIn deal.

He says the marriage will bring "together the world’s leading professional cloud with the world’s leading professional network".

Going slightly Californian, he adds: "What I’ve learned about the LinkedIn team is how much our cultures share many of the same attributes. 

"We both care deeply about individual and collective growth, and find deep meaning in the work we do to make a difference in our world."

LinkedIn bosses 'fully support' Microsoft takeover

Microsoft and LinkedIn executives

LinkedIn chairman and co-founder Reid Hoffman - far right in the photo above - and chief executive Jeff Weiner - on the far left - "fully support" the takeover, according to a Microsoft blog. In the middle of the two is Microsoft chief executive Satya Nadella, who Mr Weiner will report into if the deal goes through later this year.  

To put the $26.2bn (£18.5bn) Microsoft are paying into perspective, Facebook paid $19bn (£13.4bn) for WhatsApp (at least double the amount of LinkedIn users) in 2014, points out the BBC's Joe Miller.

BreakingMicrosoft to buy LinkedIn

LinkedIn company sign

Microsoft has announced it will acquire networking website LinkedIn for $26.2bn (£18.5bn). LinkedIn will "retain its distinct brand, culture and independence", the US computing giant said.

Bank stocks dip on Brexit uncertainty

Canary Wharf

It's not just the pound that's fallen today on uncertainty about next week's EU referendum result. Some of the UK's biggest bank stocks have also seen modest declines. 

Down so far are Lloyds by 2.4%, Barclays by 2% and Standard Chartered by 1.7%.

"The banking sector is probably one that's singled out by investors as potentially threatened by a Brexit to a greater extent than others," Laith Khalaf, a senior Hagreaves Lansdown analyst, told the BBC.   

Apple's 'lacklustre' innovations

BBC Business Live

Apple holds its conference for developers in Silicon Valley later today, where it's expected to launch a revamp for its digital assistant 'Siri'.

Alex Wood, editor-in-chief of The Memo, says that Apple's recent innovations have not been that impressive.

Apple's recent innovation is branded 'lacklustre'

Singapore steps up anti-money laundering fight

Business Reporter Leisha Chi writes...

A view of Singapore's financial centre
Getty Images

Singapore's central bank is launching a specialised department to combat money laundering in the city-state.

The Monetary Authority of Singapore said the growing financial sector "faces the risk of being used as a conduit for money laundering and terrorist financing activities".

The move comes a few weeks after it kicked out Swiss bank BSI for breaking its anti-money laundering rules.  

"MAS is resolved to ensure that Singapore remains a clean and trusted financial centre," Ravi Menon, its managing director said in a statement.

Brexit? 'Let's not risk it' says Osborne

George Osborne in Belfast

The Chancellor, George Osborne, has been speaking in Liverpool at the International Festival for Business. He warned that a vote to leave the EU would jeopardise jobs in the north of England and the rest of the UK: 

"We've had the president of the European Council say today that it will take two years to exit the EU, five years to negotiate a new relationship at least with our closest trading partners. And what does that mean for all the businesses here, what will it mean for all our international business? It means things are put on hold, there's a lot of uncertainty, people aren't hired, perhaps people are fired. It means decisions don't go ahead, investment deals aren't done. Now why do we want to visit that uncertainty upon ourselves. Let's not risk it."

Are performance reviews on their way out?

Business professor Peter Fleming gives the BBC's Manuela Saragosa his take on the good, the bad and the ugly of workplace appraisals.  

Business professor Peter Fleming on the good, the bad and the ugly of job appraisals.

Protection for energy customers' cash

BBC industry correspondent John Moylan tweets:

View more on twitter

Treasury Brexit analysis 'grossly exaggerated'

EU UK flags
Getty Images

We're sorry to cloud the waters further on the potential effects of the UK leaving the European Union.

But, Cass Business School has published an independent review of analysis done by the Treasury and found the Treasury's work "grossly exaggerated" any impact.

In particular it looked at the government's claim that each household in the UK would be worse off by £4,300 or more by 2030 due to Brexit.

Professor David Blake points out the Treasury's model assumes that the government would take no action to mitigate the effects of Brexit.

He also says the model assumes that the UK would not be able to negotiate better trade arrangements than currently exist.

You can find more BBC coverage on the referendum here.

Pound wobbles; Gilts strengthen

Pound dollar

A short while ago the pound was trading at $1.4154 against the dollar that's down 1.3%. But it had traded as low as $1.4116.

Kathleen Brooks, research director at Gain Capital, pointed to EU referendum polls being on a "knife edge". "The pound has dived yet again against the dollar, and along with the Mexican peso is one of the world’s worst performing currencies so far this year," she said. 

Meanwhile, investors continue to seek refuge in UK government bonds. Yields from ten-year gilts hit another record low of 1.197% earlier after dropping below 1.25% for the first time last week.

Ace investments?

BBC economics producer, Mark Broad tweets:

View more on twitter

Lotte Group withdraws hotel stock listing amid investigation

Lotte Hotel sign in Seoul

South Korean conglomerate Lotte Group has withdrawn a huge stock market listing of its hotel division. It follows raids by prosecutors on the group's headquarters on Friday as part of a bribery investigation.

The group delayed the sale of at least $3.9bn (£2.7bn) shares in its hotel division last week after the probe was launched. In an update this morning, Lotte said it has now withdrawn the plans due to "recent internal and external issues".  

Vote Leave: 'Ignore BT letter'

Former British Chambers of Commerce chief John Longworth, now working with the Vote Leave campaign, tells Ben Thompson his advice to BT employees is: "Ignore these letters".

Vote Leave dismisses BT's talk of 'reformed EU' as meaningless & hollow Our @BBCBreakfast interview with Vote Leave

BT backs Remain in staff letter

BBC Business presenter Ben Thompson interviews BT about why it believes a remain vote would be better for the company and the UK economy.

Here's my chat with BT Chairman Sir Michael Rake on why the firm is backing Remain #EURef @BBCBreakfast

G4S screened Orlando shooter in 2013

Shares in G4S have slumped more than 6% this morning. The company has released a statement giving some details about its employment of Omar Mateen. 

Mateen killed 50 people and wounded 53 more in the deadliest mass shooting in recent US history, before being shot dead by police.  

G4S had employeed Mateen since 2007 and had given him a security screening in 2013. G4S found out that in 2013 the FBI had questioned him, but had closed its investigation, the company said. He worked at a retirement community, and was off-duty at the time of the shooting, it added.