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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Bank of England implicated in Libor rigging
  3. Barclays boss probed over whistleblowing
  4. New evidence in Shell corruption probe
  5. BHP shares lead the FTSE 100 higher

Live Reporting

By Dearbail Jordan

All times stated are UK

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Good night

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BBC

That's it for today with Business Live.

We'll be back at 6.00am sharp on Tuesday morning with all the breaking business and economic news. 

Do join us then.

US Fed's Yellen talks public policy

Janet Yellen
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Janet Yellen, chair of the US Federal Reserve, is about to speak at the University of Michigan's Ford School of Public Policy.

Investors will examine her remarks to glean any clue as to when the US Fed will next raise interest rates. 

It has already lifted the rate once this year and is widely expected to increase it twice more in 2017.

US stock markets give up gains

The Dow Jones Industrial Average gave up nearly all its gains on Monday to close just 1.92 points ahead at 20,658.02.

Investors are looking ahead to Thursday when the US reporting season begins. Investment banks JPMorgan, Citigroup and Wells Fargo will all report their quarterly figures. 

The S&P 500 ended 1.62 points up at 2,357.16.

The Nasdaq added 3.11 points to close at 5,880.93.

Oil prices rise on Syria and Libya

Oil
Getty Images

Oil prices rose by more than 1% on Monday.

Brent increased by 1.3% to $55.98 per barrel while the price for West Texas Intermediate grew by 1.6% to $53.08.

Geopolitical tensions over Syria as well as the shutdown of Libya's Sharara oilfield - the country's largest - lifted prices.

Phil Flynn, an analyst at Price Futures Group told Reuters: "There are a few geopolitical problems at the moment. On top of that, Libya isn't producing oil, so that's adding to the bullish side of the market."

Brazil may review inflation target

BBC South America business correspondent, Daniel Gallas tweets...

United investors shrug off controversy

United Continental Holdings
BBC

While United Airlines seems to be scaring off customers - the reaction on Twitter to a passenger being removed from seat is heated to say the least - investors are not perturbed, as share movement in parent company United Continental Holdings shows.  

United's reaction was 'immature'

United Airlines
Getty Images

The former chief executive of United Airlines' parent company, United Continental Holdings, says the way it handled the "overbooked" situation which led to a passenger being violently removed from a plane was "immature". 

Gordon Bethune told CNBC: "Denied boarding is usually handled with a whole lot more maturity."

He said that United "tries to do a professional job, but not everybody on the plane is professional."

Mr Bethune added: "This immature reaction disturbs us all."

United's $6.1bn ways to skin a cat

United Airlines
Getty Images

United Airlines really is an extraordinary company - it charges people to use the overhead storage for their baggage.

You read that right. 

It recently introduced something called Basic Economy where flyers are allowed just one personal item that must fit under the seat in front of them.

It turns out that United Airlines made the most revenue from "add-on" charges in 2015 compared to its competitors, totaling $6.1bn (£4.9bn), according to the consultancy Idea Works.

And now we know how.

Shell corruption probe: What did executives know?

Evidence indicates Shell executives knew money would go to a convicted Nigerian money launderer. Here, World Business Report discusses the case:

View more on twitter

Trump to meet big business

Donald Trump
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The US President will take a break from international affairs on Tuesday when he meets with a number of the country's biggest businesses. 

They will include General Motors, IBM, Wal-Mart and Blackstone Group.

Most likely tax will be on the agenda given Treasury Secretary Steve Mnuchin's promise to get comprehensive reforms done by Congress's recess in August.

United Airlines' apology mocked on Twitter

United Airlines' apology for forcibly removing a passenger from an overbooked flight has been roundly mocked on Twitter (including by our own Rory Cellan-Jones).

Chief executive Oscar Munoz's use of the phrase "re-accommodated" particularly irked people.

View more on twitter
View more on twitter
View more on twitter

IMF, WTO and OECD warn against protectionism

Shipping contrainers
BBC

The chiefs of the IMF, WTO and OECD have vowed to defend free trade against a rising tide of protectionism, amid growing concerns about US President Donald Trump's "America First" policies.

In a joint press release also signed by Angela Merkel, the German Chancellor, the officials said: "Disappointing trade growth figures and the danger of increasing protectionist tendencies give us a clear incentive to support the international trading system even more."

They said trade and open markets were necessary to spread growth, jobs and consumption.

But they also said effective policies were needed to ensure the gains from trade were more widely shared. 

Whistleblowers must be supported

BBC World Service

Rebecca Aston, who advises financial services companies on their whistleblowing policies for the Chartered Institute for Securities and Investment, says it is up the leaders of a business to protect people.

She tells BBC World Business Report:"Any sort of reaction to speaking up on whistleblowing does say something about the tone from the top and a good whistleblowing policy should have assurances from the chief executive and senior management that people will not be victimised, that they can raise concerns in a safe environment and they can do so anonymously.

"Now this might send obviously the opposite message so a lot of work I think will need to go into restoring that culture where people are encouraged to be open and raise concerns and feel supported to do so."

LVMH first quarter revenues rise

Louis Vuitton
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Luxury brands giant LVMH has reported a 15% rise in sales for the first quarter. 

Revenue rose to 9.8bn euro from 8.6bn euro with strong growth across the group. In particular, Louis Vuitton made a good start to the year after its Autumn-Winter show in the Marly courtyard at the Louvre was "very well received". It also said Parfums Christian Dior performed well in make-up and fragrance.

However, while it was positive, LVMH characterised current conditions as a "particularly uncertain environment".

Up, up and away

Static Monday for London stocks

The FTSE 100 was little changed when it closed on Monday.

The index of leading blue chip stocks closed 0.43 points lower at 7,348.94.

Associated British Foods, which owns fashion chain Primark, was the day's biggest riser, up 3.78% at £25.78, following reports by Sky News that it is searching for a new chairman to succeed Charles Sinclair.

Miners led the fallers, with Fresnillo down 2.52% at £15.83 as the price of gold ticked lower.

Barclays finished up 0.42% at 216.2p.

BreakingUnited boss apologises for 'upsetting event'

Oscar Munoz, chief executive of United Airlines, has this to say after a passenger was physically dragged off one of its flights.

This is an upsetting event to all of us here at United. I apologize for having to re-accommodate these customers. Our team is moving with a sense of urgency to work with the authorities and conduct our own detailed review of what happened. We are also reaching out to this passenger to talk directly to him and further address and resolve this situation.”

Barclays informs New York of whistleblower saga

Barclays
Getty Images

Barclays has told New York's Department of Financial Services (DFS) about chief executive Jes Staley's attempt to identify a whistleblower.

The BBC understands that Barclays has not received any formal notification of an inquiry by the DFS.

What now for Jaeger?

Jaeger at London Fashion Week
Getty Images

Jaeger can trace its roots back to 1884 and currently employs 680 people across its 46 stores, 63 concessions, head office in London and logistics function in Kings Lynn.

Read the full story here .

BreakingJaeger goes into administration

Jaeger has gone into administration, putting 680 jobs at risk. 

Peter Saville, joint administrator at AlixPartners which is overseeing the process, said: "Regrettably despite an extensive sales process it has not been possible to identify a purchaser for the business.

"Our focus now is in identifying an appropriate route forward and work with all stakeholders to do this. We will ensure that we communicate further as this process unfolds.”

Foxconn fishes for Toshiba's chips

Toshiba
Getty Images

Foxconn has reportedly signaled that it would be willing to pay 3 trillion yen (£21.6bn) to buy Toshiba's chip business.

Bloomberg reports that South Korea's SK Hynix Inc and chipmaker Broadcom Ltd have also made approaches to buy the division for around two trillion yen.

Toshiba is considering selling all or part of its chip business after it was forced to take a  $6.3bn writedownfrom its US nuclear unit Westinghouse .

United's 'terrible rep'

United plane
Getty Images

Even before United Airlines' spectacular own-goal dragging a passenger off a domestic flight, it copped a large amount of flack for not letting girls wearing leggings on to a plane.

In the wake of that incident  Andrew Charlton, a Geneva-based aviation analyst, told the Financial Times that United's "customer service has a terrible reputation, and much to have a terrible reputation about”.

Things really can only get better, eh?  

Video: United passenger 'removed' from flight

If Pepsi thought it had a bad time of it last week when it released its  bottom-clenchingly embarrassing advert , that is nothing compared to the storm currently enveloping United Airlines.

And here's the reason why: 

View more on twitter

United explains violent ejection of passenger

United Airlines has given the following statement, explaining why a customer was forcibly removed from one of its flights. 

The Chicago Sun-Times quotes United spokesman Charlie Hobart: "Flight 3411 from Chicago to Louisville was overbooked.

“After our team looked for volunteers, one customer refused to leave the aircraft voluntarily and law enforcement was asked to come to the gate.

“We apologize for the overbook situation. Further details on the removed customer should be directed to authorities.”

United drag passenger off 'overbooked' flight

BreakingCourt approves Tesco deal with the SFO

The court has approved a deferred prosecution agreement struck between Tesco and the Serious Fraud Office. 

The deal refers to an investigation into false accounting at Tesco's UK business in 2014.

Tesco said in a statement: "Subject to compliance with the terms of the DPA, this concludes the SFO's investigation into Tesco." 

Wells Fargo claws back more money

US dollars
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Wells Fargo has also said on Monday that it was clawed back more money from former chairman and chief executive John Stumpf and the ex-head of community banking Carrie Tolstedt.

The bank said it will forfeit Ms Tolstedt's outstanding stock options, which have an approximate value of $47.3m.

It will also claw back $28m of Mr Stumpf's bonus, which was paid in March 2016.

In total, Wells Fargo has penalised Mr Stumpf to the tune of $69m and Ms Tolstedt of $67m. 

Report exposes errors at heart of Wells Fargo scandal

Wells Fargo
Getty Images

The culture of Wells Fargo, which is one of three investment banks which will kick-off reporting season in the US on Thursday, is laid bare in a report into the fake accounts scandal .

The 110-page report, led by Wells Fargo chairman Stephan Sanger, into the scam where 5,300 staff were fired for setting up two million fake accounts, claims:

-Former head of community banking Carrie Tolstedt allegedly hid the full scale of the scandal for the board. 

-Former chairman and chief executive John Stumpf called Ms Tolstedt "the best banker in America".

-The community banking leadership "resisted and impeded outside scrutiny or oversight and, when forced to report, minimized the scale and nature of the problem".

-Mr Stumpf "was too slow to investigate or critically challenge sales practices in the community bank".

US stock markets open up

US stock market
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US stock markets have made a positive start to the week.

The Dow Jones Industrial Average is up 55.17 points at 20,711.27.

The Nasdaq is 17.15 points ahead at 5,894.96.

The S&P 500 added 7.54 points to rise to 2,363.08.

The never-ending Wells Fargo farrago

John Stumpf
Getty Images

While we're on the subject of whistleblowing , Bloomberg View columnist Matt Levine explains why Jes Staley's actions were so egregious while reminding readers that another bank - this time Wells Fargo - actually fired people for raising concerns.

These brave Well Fargo employees attempted to blow the whistle on a practice where bank workers were encouraged to use customers' details to set up fake accounts to hit sales targets .

An internal report into the scandal, published on Monday, strongly criticises former chairman and chief executive John Stumpf for failing to understand the full scale of the sales abuses and the impact on the bank.   

And a couple more...

JP Morgan
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The group finance director of Barclays also hails from JP Morgan.

However, Tushar Morzaria joined Barclays in October 2013, two years before Jes Staley was became chief executive. 

Also, Stephen Thieke, who is one of 11 non-executive directors at Barclays, spent 10 years of his career at JP Morgan where he held a number of roles before retiring in 1999. 

The ties that bind

JP Morgan
Getty Images

More on Tim Main. 

He worked at JP Morgan for 20 years and was one of a number of people with ties to the US investment bank that Jes Staley recruited when he became chief executive of Barclays in December 2015.

These include C.S. "Venkat" Venkatakrishnan who joined Barclays in 2016 as chief risk officer, who spent more than 20 years at JP Morgan, as well as Paul Compton. 

Mr Compton joined Barclays as chief operating officer in 2016, before which he worked at JP Morgan since 1997.

JP Morgan alumni named as whistleblower's target

Tim Main, the chairman of Barclays global financial institutions group, is understood to be the person that chief executive Jes Staley was protecting when he attempted to identify a whistleblower

Mr Main, who is based in New York, joined Barclays in 2016 from the investment bank Evercore. Prior to this, Mr Main was employed at JP Morgan where Mr Staley also used to work.

Flatpack flats

Ikea sign
Getty Images

Swedish furniture and lifestyle chain IKEA is building an apartment block in the Icelandic capital Reykjavik in order to give its employees somewhere affordable to live.

The 36 flats will be available to staff next summer, the  Reykjavik Grapevine website  reports, saying that rents in the city have "skyrocketed" in recent years. 

Thorinn Ivarsson, the company's Iceland boss, said the development is intended to provide safe housing for its staff at a reasonable price, with the lowest rent expected to be from 100,000 krona ($889; £716) a month.

The report does not say if the apartments will come furnished.

More here.

'An embarrasment and a distraction'

Chris Johnston

Business reporter

Jes Staley
PA

Investors appear little concerned by today's revelations about Barclays boss Jes Staley (pictured) given that shares are actually up a touch now (and have risen 43% over the past 12 months, more to the point).

But as Laith Khalaf at Hargreaves Lansdown, notes, the matter is both an embarrassment and a distraction for Barclays and its chief executive.

This error is a blemish in what was starting to look like a promising tenure. Shareholders will be doubly disappointed that the bank is once again in trouble with regulators, and that the man at the top of the organisation is responsible for it."

Barclays boss defends his actions: more

More from the email Barclays chief executive Jes Staley sent to staff today:

"In my desire to protect our colleague, however, I got too personally involved in this matter.

"My hope was that if we found out who was sending these letters we could try and get them to stop the harassment of a person who did not deserve that treatment.

"Nevertheless, I realise that I should simply have let the Compliance function handle this matter, as they were doing. This was a mistake on my part and I apologise for it. "

Barclays boss defends his actions

Barclays chief executive Jes Staley has written an email to staff explaining his attempt to find out the identity of a whistleblower.

"One of our colleagues was the subject of an unfair personal attack sent via anonymous letters addressed to members of the Board and a senior executive of Barclays," Mr Staley said in the email.

"The allegations related to personal issues from many years ago, and the intent of the correspondents in airing all of this was, in my view, to maliciously smear this person.

Why are razor blades expensive?

King Camp Gillette
Getty Images

Have you ever wondered why replacement razor blades, printer cartridges and console games are so expensive?

Two-part pricing is to blame, according to Tim Harford, the presenter of 50 Things That Made The Modern Economy.

It all goes back to King Camp Gilette, the man who invented the disposable razor.

You can find out more here.

BHP Billiton rejects revamp plan

BHP Billiton has responded to a letter from Elliott Associates which is calling for a radical overhaul of the business, including the spin-off of US oil assets and the ending of the company's dual-listing in London and Sydney.

"After reviewing the elements of Elliott's proposal, we have concluded that the costs and associated risks of Elliott's proposal would significantly outweigh any potential benefits."

BHP shares are still the biggest winners on the FTSE 100 with a 3% gain.

Arnold Clark has died