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  1. Wall Street rises 1% in afternoon trading
  2. FTSE 100 closes 1.2% higher at 6,338 points
  3. Former BHS owner Dominic Chappell in holiday flights row
  4. Tesco sales up in 'challenging' market
  5. Macy's chief executive to step down

Live Reporting

By Chris Johnston

All times stated are UK

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That's all from Business Live today - thanks for reading. Our colleagues on the politics live page are with you throughout the night and into Friday as the result of today's EU referendum vote become apparent. 

Twilio shares soar

Software company Twilio surged almost 88% to $28.19 in its first day of trading following an IPO that raised $150m. The shares had been priced at $15.

The company makes software that helps companies communicate with their customers and employees through methods like text messages and phone notifications. 

BreakingWall Street jumps

Wall Street closed solidly higher, giving the market its biggest gain in a month, after European markets posted strong gains.

The Dow Jones industrial average rose 230 points, or 1.3%, to 18,011 points - the Dow's first close above 18,000 in two weeks. The S&P 500 rose 1.3% to 2,113, while the Nasdaq composite added 1.6% to 4,910 points.

Banks posted big gains, with Citigroup rising 4% and Bank of America climbing 3%. 

Top of the pops?

Something from earlier today in case you missed it - apparently pop videos can now be directed by artificial intelligence software, reports technology correspondent Rory Cellan-Jones:

View more on twitter

Goldman scraps campus interviews

Yale University
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Goldman Sachs will no longer interview prospective staff on university campuses and will switch instead to a video platform from next month. 

 The changes are designed to help the investment bank identify strong candidates who may not attend one of its "target" institutions - mostly Ivy League colleges such as Yale (pictured) or Princeton.

"We want to hire not just the economics or business undergraduate but there is that pure liberal arts or history major that could be the next [Goldman chief executive] Lloyd Blankfein," said Edith Cooper, Goldman's global head of capital management (whatever that means).  

Gold price falls

Gold bars

Gold fell to a two-week low on Thursday, with spot gold trading at 0.3% at $1,261.90 an ounce after earlier hitting $1,257.91 - its lowest since 9 June. 

US gold futures settled down 0.5% at $1,263.10 an ounce.  

Plant and Page 'grateful'

Robert Plant and Jimmy Page
Robert Plant and Jimmy Page

Robert Plant and Jimmy Page have issued a statement following the Stairway to Heaven ruling we reported earlier:

We are grateful for the jury's conscientious service and pleased that it has ruled in our favour, putting to rest questions about the origins of Stairway to Heaven and confirming what we have known for 45 years. We appreciate our fans' support and look forward to putting this legal matter behind us."

More falls for Tesla

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Tesla shares are down another 1.1% at $194.77 in New York after Morgan Stanley cut its rating to "equal weight" and Berenberg cut its target price to $145 from $150

Shares in the electric car maker have fallen more than 11% since founder Elon Musk revealed his bold plan to merge Tesla with SolarCity, his troubled solar installation firm. 

Challenges remain for Macy's

Macy's store
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The decision by Macy's to elevate Jeff Gennette to chief executive has been welcomed by Stifel analyst Richard Jaffe. He points to Mr Gennette's experience at the company that runs about 870 department stores - he was chief merchandising officer before becoming president two years ago - and Terry Lundgren's continued involvement. However, Mr Jaffe noted that "driving sales remains an ongoing challenge".  

Mr Lundgren, 65, has been running the company since 2003 and will stay on as executive chairman. He said the move was part of a "very orderly planned succession''.

Macy's shares were up 1.6% in afternoon trading in New York.

'No proof'

Led Zeppelin in 1973
Getty Images
Led Zeppelin in 1973

More on the Stairway to Heaven case:

The jury of four men and four women found there was no proof that the Led Zeppelin song and Taurus by Spirit were sufficiently similar for the defunct band's copyright to have been breached. 

Robert Plant and Jimmy Page denied plagiarising the melancholic guitar progression of their classic 1971 song from the instrumental track that was written four years earlier. 

Both musicians were in court as the verdict was read out after a seven-day trial. The case brought by Michael Skidmore, the trustee and friend of Spirit guitarist Randy California, who drowned in 1997 having failed to take legal action over the song. 

BreakingLed Zeppelin win plagiarism case

Jimmy Page
Getty Images

A US jury found that Led Zeppelin did not steal the introduction to Stairway to Heaven from a long-defunct Los Angeles rock band. 

The jury said although songwriting duo Robert Plant and Jimmy Page (pictured) had access to the material from the band Spirit, there was no proof they had committed plagiarism. 

Deutsche branch closure deal

Deutsche Bank sign
Getty Images

More banking news: Deutsche Bank has struck a deal with its works council to close a quarter of its branches in Germany - slightly fewer than expected.

The country's biggest bank said last year that it would cut 9,000 jobs, of which 4,000 would be in Germany. 

It will start closing down branches before the end of the year, with most to be shut in the first half of 2017. Deutsche with be left with 535 branches in Germany, compared to an original target of 500.   

Merrill Lynch fined $415m

Merrill Lynch logo
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Merrill Lynch - part of Bank of America these days - will pay $415m (£280m) and admit to wrongdoing to settle charges that it misused customer cash, the Securities and Exchange Commission said. It is the largest customer protection settlement the US regulator has secured.

An SEC investigation found that Merrill Lynch violated SEC rules by holding up to $58bn a day in a clearing account that should have been in a reserve account, said the SEC's Andrew Ceresney.

Merrill Lynch spokesman William Halldin said: "While no customers were harmed and no losses were incurred, our responsibility is to protect customer assets and we have dedicated significant resources to reviewing and enhancing our processes."

Scary animals

Recode tweets:

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BreakingVW 'to pay $10.2bn' to US owners

VW wheel
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Volkswagen has agreed to pay about $10.2bn (£6.9bn) to settle claims in the US from its emissions-cheating scandal, according to a source quoted by Associated Press. 

That means the owners of 482,000 owners of cars with 2-litre diesel engines programmed to cheat on emissions tests would get $1,000 to $7,000 depending on the age of the cars, with an average payment of $5,000.  

A federal judge has issued a gag order in the case and the AP source said the terms could change by the time they are released by the court on Tuesday.  

FTSE rises 1.2%

Paddy Power
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The FTSE 100 has ended a choppy day of trading 1.2% higher at 6,338 points. 

Paddy Power Betfair was one of the biggest fallers, down more than 4%.

25 hits Spotify at last

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Seven long months ago Adele released her third album, 25, which was only available as a CD and digital download. However, her label XL/Columbia is finally releasing it to streaming services such as Spotify from midnight. 

As music journalist Rhian Jones writes: "The full album was held back as part of Adele and team’s release strategy, which turned out to be an incredibly smart move — 25 has since shifted nearly 20m sales worldwide and remained at #1 in the UK for 12 weeks."

Adele plays Glastonbury on Saturday night and her performance can be seen live on BBC2 and online.

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No nerves for the Dow

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Connor Campbell of Spreadex comments on today's US markets:

Things have calmed down somewhat since that midday frenzy, the European indices looking increasing nervy as closing time creeps closer. Not that these nerves slowed down the Dow Jones. While not quite at the peak the futures promised, the US index nevertheless opened 140 points higher, yet again taking it above the 17,900 mark. The dribs and drabs of data provided by the US session understandably failed to make much impact, even if their general state was promising; jobless claims hit an 8 week low of 259,000, while the Markit flash manufacturing PMI jumped back to a three-month high of 51.4. Only the new homes sales figure disappointed, slipping to 551,000 from an already revised-down 586,000 last month."

BreakingLibor trial verdict 'tomorrow'

Much excitement in the business newsroom for a few minutes as we thought the jury was about to return in the Barclays Libor trial. However, economics correspondent Andy Verity has just tweeted:

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Twilio shares surge

Shares of software maker Twilio surged as much as 70% in their debut in New York on Thursday, valuing the company at as much as $2.1bn.

The stock rose to a high of $25.50 in the first few minutes of trading after being priced on Wednesday at a higher than expected $15 each.

Twilio's IPO - the first offering from a technology "unicorn" this year and only the third by a tech company this year - was seen as a test of investor appetite for IPOs. However, the overall US IPO market is set for its worst year since the financial crisis. 

Not boarding for Tehran quite yet

BA A380

British Airways has delayed the start of its new direct flight to Tehran by six weeks, blaming unspecified "technical issues". Rather than starting in mid-July, the flights will commence on 1 September.

The IAG-owned carrier announced plans to renew links with the Iranian capital in February after international sanctions on the country were lifted. It had stopped flights in 2012 due to a combination of commercial and political reasons. 

Model mining

BBC Africa Business Report presenter Lerato Mbele tweets:

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Dior set for first female creative director

Maria Grazia Chiuri
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Maria Grazia Chiuri, with her Valentino colleague Pierpaolo Piccioli

Christian Dior is expected to get its first female creative director in the French fashion house's 70-year history. Maria Grazia Chiuri is set to join Dior from Italy's Valentino, according to sources reported by Reuters.

Doir has been struggling to find a replacement for Raf Simons, who unexpectedly departed in October, and sales growth has slowed in recent months.

Chiuri will be taking on one of the most important jobs at Dior and follow celebrity designers including Yves Saint Laurent, Gianfranco Ferre and John Galliano. 

The appointment is expected to be announced after Dior's couture show in Paris next month. 

Arriving now...

Benedict Evans, who works for Silicon Valley venture capital firm Andreessen Horowitz, may be onto something here: 

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BreakingWall Street opens higher

US stocks have started the day higher for the fourth time this week, with the Dow Jones industrial average and the 0.6% both 0.6% higher, and the Nasdaq up 0.8%.

By the way, Macy's is 3.2% higher - it's always a bit of a slap in the face when the departure of a chief exec sparks a share price rally... 

Macy's boss to depart

Macy's store
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The chief executive of Macy's, Terry Lundgren, will be replaced early next year by the department store chain's president, Jeff Gennette. Mr Lundgren will remain executive chairman.

Macy's said last month it expected like-for-like sales to fall by 3% to 4% this year - far worse than the 1% predicted by analysts. 

In January both Macy's and rival JC Penney said they would close stores and cut thousands of jobs in response to sliding sales.

BlackBerry sales sink

BlackBerry Q10 smartphone

BlackBerry reported a 35% slide in first-quarter sales and a third consecutive quarterly loss on Thursday as it paid the price of restructuring its operations and writing down the value of some assets. 

The Canadian company reported a net loss of $670m, which included a $501m impairment charge, while sales fell $234m to $424m compared with the three months to May last year. 

Excluding one-off costs, BlackBerry scraped a $14m profit. 

Software and licensing revenue came in close to target at $166m. 

Good afternoon

Chris Johnston

Business reporter

Thanks to Tom and Karen for this morning's coverage. Chris Johnston here with the rest of the day's business news and views - thanks for joining me.

BHS creditors to appoint additional administrators

At the BHS creditors meeting we voted to appoint additional administrators to work with the current administrators. This is an unusual step, but one we regard as appropriate given the circumstances of this administration. As a result, following an application to court, we would expect FRP to be appointed to work alongside Duff & Phelps.

Malcolm WeirPension Protection Fund, head of restructuring and insolvency

Chappell: 'I have never used BHS account as private account'

The former owner of BHS, Dominic Chappell, has hit out after the publication of evidence to MPs scrutinising the collapse of the department store chain.

Former chief executive Darren Topp had stated concerns in a letter to MPs that included a "hardship payment" salary advance that Mr Chappell took after an attempt to buy Bahamas holiday flights on the the company travel budget was declined by Mr Topp.

Mr Chappell said he had paid "significantly more" than the original price quoted for the flights when he was "finally able to make the payment personally".

 "I left the business for Christmas in or around the 15th December. It was suggested by the BHS management that I took an early payment as salary payments were not due until a few days later," he said.

"At no stage have [I] ever used the company bank account as a private account for myself ... and every payment except two went through the normal BHS process and system. It is absolutely childish for Darren Topp to suggest this when he often acted against the board's decisions. If these are the only two points that Darren Topp can find to suggest that I was running BHS bank account as my own bank account, it's pathetic and petty."

The highs and lows of selling marijuana

BBC World Service

James Lathrop, owner of Seattle's first legal Marijuana outlet Cannabis City, talks to Edwin Lane for Business Daily on BBC World Service. 

The US town's first legal marijuana outlet, Cannabis City, opens its doors to the BBC.

Chappell: Bahamas holiday money request 'an issue of logistics'

Dominic Chappell

Dominic Chappell has responded to the publication of written evidence by a committee of MPs scrutinising the collapse of BHS.

He told the BBC that an attempt to buy Bahamas holiday flights using the company account was "purely an issue of logistics."

Mr Chappell said he wanted to book a holiday through his travel agency Giles, but had been "out of the office for a number of days and did not have access to my credit cards or bank log-in details."

The flight tickets could not be held, so "I requested that it was to be put on the company account and that on my return, when I had full access to all my accounts, my EA would clear the exact amount with BHS."

He then found out his request had been declined by Mr Topp.

"There was no intent whatsoever to have the company pay for my private travel, it was purely an issue of logistics," he said.

Game of Thrones stars get big pay hike

BBC Newsbeat

Nikolaj Coster-Waldau

The main stars of Game of Thrones are getting big pay rises which will make them among the highest paid actors on cable TV in the US. 

Peter Dinklage, Kit Harington, Lena Headey, Emilia Clarke and Nikolaj Coster-Waldau will all earn more than $500,000 (£338,000) per episode from season seven.

Deals signed in 2014 take them up until the end of the current series.

But the Hollywood Reporter says an option in those contracts allowed them to be extended, with a salary increase, to seasons seven and eight.

Read more here

Japan's porn industry apologises

BBC World Service

A general view of Tokyo Tower and the surrounding area
Getty Images

The association which represents Japan's multi-billion dollar pornographic industry has apologised following allegations that some women were forced to engage in sex acts against their will, reports BBC World Service. 

The Intellectual Property Promotion Association said it was deeply sorry it had not actively addressed the problem in the past. 

Earlier this month, three talent agents were arrested following accusations they threatened a woman and forced her to perform in more than one hundred pornographic films. 

Others in the industry have been accused of coercing women into signing film contracts and targeting minors.  

Read more here

How the BBC reports EU referendum polling day

BBC chief adviser on editorial standards Ric Bailey writes...

UK polling station

Strict rules mean the BBC, like other broadcasters, is not allowed to report details of campaigning while the polls are open.

The basic principle behind this is the need for due impartiality of political coverage, as set out in the agreement accompanying the BBC Charter.

But there is also a legal dimension which applies to everyone - not just the BBC or broadcasters.

The restrictions on coverage last from 00:30 BST to 22:00 BST on polling day.

Read more here.

Shutdown at UK's biggest gas storage facility

BBC industry correspondent tweets

Chappell and RAL directors 'should account for extraordinary decisions'

MPs have said Dominic Chappell and Retail Acquisitions (RAL) directors “should... account fully and properly for their decisions and actions” over the collapse of BHS.

A committee of MPs scrutinising the collapse has published written evidence including concerns by former chief executive Darren Topp over the financial management of the retail chain.

These concerns include a December 2015 “hardship payment” salary advance that Mr Chappell took after an attempt to buy holiday flights to the Bahamas on the company travel budget was refused by Mr Topp.

"[Mr] Chappell saw no distinction between the company’s money and his own personal money; he saw them as one and the same," Mr Topp said in a letter to MPs.

MPs asked Mr Chappell in a letter to provide a full breakdown of how much money he and RAL directors took out of BHS during RAL's ownership.

Also published today is further financial information sent from Retail Acquisitions advisers Olswang to the Pensions Regulator.

Work and Pensions Committee chair Frank Field said:

While the main focus of this inquiry has been the stewardship of BHS and its pension fund in the run up to the sale to RAL, and the exact circumstances of that sale, the directors of RAL – who were paid very handsomely for their role in the sale – cannot escape scrutiny for the plight of BHS and its pension fund. We are still elucidating the full story of the final collapse of BHS, but it happened under Dominic Chappell and RAL's stewardship: they should also account fully and properly for their decisions and actions, some of which appear quite extraordinary."

Frank FieldWork and Pensions Committee chair

Don't pooh pooh it ...

BBC Capital tweets

Tesco's trust thrust ...

Tesco Farms products

With rebuilding trust at the forefront of Tesco’s project to regain lost custom, much was made of the fact that its new ‘Farms’ fresh food brands are named for non-existent farms and give the impression of having been sourced in the UK, despite many of them being sourced from overseas. While the naming controversy provoked something of a media storm, this may have been lost on customers, with Tesco claiming that over two-thirds have bought from the new ranges. After all, the strategy is similar to that employed by Aldi and suggests that for most shoppers, the perception of provenance is sufficient, provided the products are perceived to be good value. The ‘Farms’ brands represent a rare extension of Tesco’s offer, during what has largely been a process of stripping its proposition back to the core under Dave Lewis.

David AlexanderSenior Analyst, Verdict Retail