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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. London could lose euro clearing role
  3. Tech stocks lead Wall Street higher
  4. Terror attacks deter visits to tourist sites, says Merlin
  5. Inflation hits four year high
  6. Pound climbs
  7. FTSE 100 flat

Live Reporting

By Russell Hotten

All times stated are UK

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  1. Cheerio

    That's us done for another day. The livepage re-opens at 6am. Please join us.

  2. GM ramps up driverless experiment

    Lyft app on smartphone

    General Motors says it has completed production of 130 self-driving Chevrolet Bolt electric vehicles at its Orion assembly plant in Michigan.

    The carmaker expects to use the vehicles within the month in San Francisco and Scottsdale, Arizona, with its ride-sharing partner Lyft after a final test in Michigan.

    GM began producing the Bolt test vehicles at the Orion plant in January, and expects the self-driving test fleet to grow to 180. Detroit-based GM joins a list of companies aggressively pursuing automated vehicle technologies.

    These include Ford, Uber Technologies, Tesla, and Alphabet's self-driving car Waymo unit.

  3. Wall Street climbs as banks rise

    Wall Street gained at the close with the Dow as bank shares rose ahead of an expected Federal Reserve interest rate hike and technology stocks bounced back.

    The Dow Jones Industrial Average rose 92.66 points, or 0.44%, to 21,328.33, the S&P 500 gained 10.96 points, or 0.45%, to 2,440.35 and the Nasdaq Composite added 44.90 points, or 0.73%, to 6,220.37.

  4. Time for job cuts

    Media group Time Inc is cutting about 300 jobs, 4% of its workforce, Reuters reports.

    The New York-based company, which publishes dozens of magazines including Time, Sports Illustrated and Fortune, is looking to cut costs and reinvest in growth areas, according to a memo from Time Inc chief executive Rich Battista to employees.

    Time Inc, like its peers in the publishing industry, has been struggling as print circulations shrink and advertisers shift to digital platforms.

  5. Apple goes green - again

    apple logo

    Apple is offering a $1bn bond dedicated to financing clean energy and environmental projects. It's the first corporate green bond offered since President Donald Trump withdrew the US from the Paris climate agreement.

    The offering comes over a year after Apple issued its first green bond of $1.5bn - the largest issued by a US corporation - as a response to the 2015 Paris agreement.

    Apple said its second green bond is meant to show that businesses are still committed to the goals of the 194-nation accord.

    "Leadership from the business community is essential to address the threat of climate change and protect our shared planet," said Lisa Jackson, Apple's vice president of environment, policy and social initiatives.

    Apple chief executive Tim Cook was one of several CEOs who directly appealed to Trump to keep the US in the pact before he made his decision.

  6. Wall Street update

    Wall Street extended gains - slightly - in afternoon trading, with the Dow hitting an all-time high.

    Bank shares rose ahead of an expected Federal Reserve interest rate hike and technology stocks bounced back.

    The S&P 500 technology sector rose 0.7%, recovering from its biggest two-day decline in nearly a year. Big tech names, such as Microsoft and Facebook, pushed the S&P 500 higher.

    "The sell-off in tech probably was a bit further than people expected, so there is some bargain hunting back into that sector," said Rick Meckler, president of LibertyView Capital Management.

    With about a hour to the closing bell, the Dow was up 0.42% to 21,324.1 points, the S&P 500 gained 0.4% to 2,439, and the Nasdaq added 0.55% to 6,209.3.

    Traders are overwhelmingly expecting an interest rate increase when the Fed concludes its two-day meeting on Wednesday.

  7. Tech sector tainted?

    Two major Uber investors have also say the problems at Uber are not confined to the ride-sharing app.

    Quote Message: We’ve always believed that Uber’s problems, while extreme, are not different in kind from those of the majority of large tech firms. We have watched as senior, visible people in the larger tech ecosystem excuse the reprehensible behavior of some individuals, and we have observed the pattern of passing around bad actors from company to company. This holds the entire sector back. from Mitch Kapor and Freada Kapor Klein Uber investors
    Mitch Kapor and Freada Kapor KleinUber investors
  8. Problem not limited to Uber?

    Dave Lee

    North America technology reporter

    Uber logo on car windscreen

    When that blog post by ex-employee Susan Fowler dropped on a quiet Sunday afternoon, I doubt anybody at the company thought it would lead to this. I certainly didn’t.

    That moment marked the beginning of the crisis at Silicon Valley’s most talked about start-up.

    In the middle of it all, Travis Kalanick, a man who, rightly or wrongly, now symbolises what people feel is the very worst of tech “bro” culture. A man flush with money and an unrelenting ambition that slowed for no-one. Until now.

    Uber’s problems were enough, most argued, for Mr Kalanick to make this decision. But coupled with the tragic death of his mother, the 40-year-old is quite understandably not in a position to give the company the attention it so desperately needs.

    Since I started reporting this story I’ve been told how this problem is not limited to Uber. It’s across the tech industry far and wide. With that in mind, it will perhaps be encouraging to the rank-and-file at every tech firm that this fiasco began with one act: a woman brave enough to speak out.

  9. Uber moving in right direction?

    Reaction to the Uber review now from Mitch Kapor and Freada Kapor Klein, key investors in Uber who were vocal in pushing for change at the company earlier this year.

    "Back in February, we released an open letter to Uber’s Board of Directors and Investors decrying the “toxic patterns” we had observed within the company culture.

    "We also said that we were ready to help, but only if the company took a comprehensive approach to overhauling its culture, including 'every aspect of its policies, practices, complaint systems, training, upward communication systems, sentiment analysis, and commitment from the top'.

    "Our initial review of today’s report suggests that this is the approach that the board has adopted. The recommendations are both thoughtful and extensive, and we are very encouraged that they have taken this as seriously as we had hoped."

  10. Kalanick: Responsibility rests on my shoulders

    Uber on smartphone

    More on the news that Uber boss Travis Kalanick plans to take time away from the company.

    The leave comes after an internal review of the firm's culture and practices, which was sparked by a former employee's claims the company ignored her complaints about sexual harassment and gender discrimination.

    At a meeting on Sunday, Uber's board voted unanimously to adopt the recommendations from the review.

    Quote Message: The ultimate responsibility, for where we’ve gotten and how we’ve gotten here rests on my shoulders. There is of course much to be proud of but there is much to improve. For Uber 2.0 to succeed there is nothing more important than dedicating my time to building out the leadership team. But if we are going to work on Uber 2.0, I also need to work on Travis 2.0 to become the leader that this company needs and that you deserve.
  11. Return trip?

    Travis Kalanick

    Travis Kalanick's email to staff makes it pretty clear that he does not know how long he will be away on leave of absence following the death of his mother.

    Quote Message: It’s hard to put a timeline on this - it may be shorter or longer than we might expect. Tragically losing a loved one has been difficult for me and I need to properly say my goodbyes. from Travis Kalanick Chief executive, Uber
    Travis KalanickChief executive, Uber
  12. The man who said he needed to 'grow up'

    Travis Kalanick

    The BBC's Zoe Kleinman has been looking into Travis Kalanick's rollercoaster reign at Uber. Read her report here.

  13. Kalanick's email

    CNBC, one of the first news organisations to report that Uber boss Travis Kalanick is taking leave of absence, has got hold of his email to staff. You can read the email here.

  14. Is Uber boss to go on leave?

    Travis Kalanick

    Travis Kalanick, the under-fire boss at Uber, is to take leave of absence, according to reports in the US. The company is today due to publish the results of an investigation into misconduct at the company.

    Uber has already parted ways with a handful of key executives, including its number two Emil Michael this week, but the fate of Kalanick was not clear.

    However, the New York Times and AFP were among outlets saying he has sent an email to staff about taking an unspecified length of leave. Kalanick's mother died recently.

  15. An open door

    Wolfgang Schaeuble

    There's an intriguing comment from Germany's finance minister being reported by news agencies this afternoon.

    Just when the mood music from Europe seems to be for Britain to get on with leaving the EU, Wolfgang Schaeuble says the door remains open if the UK changes its mind.

    The veteran conservative politician did, however, admit that a change of heart any time soon was unlikely.

    Still, Britain will in end come to regret Brexit, he told reporters. "Then they'll come back. But it remains another question if I'll still witness this," said Schaeuble, aged 74.

  16. S Africa to probe alleged drugs over-charging

    South Africa's competition watchdog has launched an investigation into three drug companies accused of over-charging for cancer medicines, the agency's chief said on Tuesday.

    Tembinkosi Bonakele, head of the Competition Commission, said the agency would investigate Aspen Pharmacare, Africa's biggest generic drug maker, US company Pfizer and Swiss-based Roche Holding.

    "Here we have a suspicion. We think that the reason is excessive pricing by the participants in the market. We have to investigate and bring people to book," Bonakele told a news conference.

  17. US producer prices 'warm'

    woman making US flags

    US producer prices were unchanged in May as energy costs recorded their biggest decline in more than a year, suggesting a moderation in inflation after a rise at the start of the year.

    Inflation at the factory gate, however, remains supported by sustained increases in the cost of services as well as a softening dollar, which is lifting prices of some imported goods.

    "Inflation down at the producer level of the economy's factory-to-consumer supply chain remains on the warm side, which is in keeping with the economy moving beyond full employment," said Chris Rupkey, chief economist at MUFG in New York.

    The US Labor Department said on Tuesday that last month's unchanged reading in its producer price index for final demand followed a 0.5% jump in April.

  18. FTSE 100 ends lower

    A rebound in the pound didn't help the FTSE 100, which ended the day down 0.15% at 7,500.4 points.

    Many companies listed on the FTSE 100 earn most of their income abroad, so a strong pound lowers the amount of profit they report in sterling.

    The London Stock Exchange Group was the day's winner, with its shares closing 5.3% up. The biggest faller was 3i, down 3%.

    The FTSE 250 did better, finishing 0.9% up at 19,859.5 points.