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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Tech shares drag Wall Street down on open
  3. Shire shares soar on possible takeover
  4. UK shares rebound after morning sell-off
  5. FCA to investigate Aviva over share plan
  6. DFS upbeat despite falling profits

Live Reporting

By Mary-Ann Russon

All times stated are UK

Good night

BBC Testcard
BBC

That's it for today on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Thursday.

Do join us then for all the latest breaking news and analysis from the business world.

Mixed picture for Wall Street

Wall Street broker
Getty Images

It was a mixed picture for Wall Street at the close, despite gains in healthcare and retail stocks having tempered sharp falls in technology shares.

The Dow Jones Industrial Average ended flat at 23,848.42.

The S&P 500 slipped 0.3% to 2,605.

And the tech-heavy Nasdaq dropped 0.9% to 6,949.23.

Nokia in row with Intelsat and SES over 5G

5G
Getty Images

Nokia is embroiled in a an argument with satellite operators SES and Intelsat over opening up mobile spectrum between 3.7GHz and 4.2GHz.

The telecommunications technology provider says that the US Federal Communications Commission (FCC) should allocate much more bandwidth for 5G mobile internet, according to Mobile World Live.

Intelsat and chipset manufacturer Intel had proposed in October 2017 that 100MHz of spectrum should be freed up for 5G, but Nokia wants to see between 80-100MHz of spectrum allocated to each mobile operator in the country.

Amazon shares fall on Trump report

Amazon website
Getty Images

You might have seen that Amazon isn't having a good day today.

It seems the reason Amazon's shares fell today is because news website Axios reported that US President Donald Trump is keen to rein in the internet giant's growing power.

Axios says its sources say Trump wants to change Amazon's tax policies in order to protect brick-and-mortar businesses from being put out of business.

“He’s wondered aloud if there may be any way to go after Amazon with antitrust or competition law," the source said.

Amazon's shares are now down 5% to $1,422.28.

Royal Mail workers back pensions deal

Royal Mail vans and a post man
Getty Images

Royal Mail postal workers have voted to back a deal on pay, working conditions and pensions that would prevent strikes.

The Communication Workers Union says its members have “overwhelmingly” backed a settlement that includes a pay rise and shorter working hours, as well as a new retirement fund, by a margin of 9 to 1, according to FT.

Workers were unhappy after Royal Mail decided to close its "defined benefit" retirement fund that covers 90,000 members, saying it was no longer affordable.

Replenishing the UK's stock of rental homes

Institutional investors are building thousands of new rental properties. Will this improve the UK's stock of rental homes?

'It's quite good for the space we have got', says renter Michael McDonald

Twitter bans Tommy Robinson

Tommy Robinson's Twitter profile
Twitter

Tommy Robinson - ex-leader of the English Defence League - has been banned from Twitter.

His account is marked as being "suspended", but the BBC has learned that the US company has decided to permanently revoke his access.

Twitter declined to comment, but it is understood the decision was taken after Mr Robinson was judged to have breached its "hateful conduct" policy.

Lawsuit over Trump foreign payments to go ahead

President Donald Trump
Getty Images

A US federal judge has refused to throw out a lawsuit that accuses President Donald Trump of flouting constitutional safeguards against corruption by maintaining ownership of his business empire while in office.

The Department of Justice had asked the court to throw the case out completely.

US District Judge Peter Messitte decided that part of the case should be allowed to proceed - the claims that relate only to the Trump International Hotel in Washington.

Reckitt Benckiser chief executive's pay slashed

Reckitt Benckiser's chief executive Rakesh Kapoor has had his pay slashed by £11m.

Mr Kapoor is entitled to an annual pay of £23.7m, but he has volunteered to give some of it back to the firm, which owns well known household brands like Dettol and Durex.

Reckitt Benckiser decided to ask for half of his long-term incentive pay, which was meant to reward performance between 2014 to 2017.

How much is Scotland spending on research?

According to the Scottish government's statistics on research and development in 2016, business R&D increased by 10% to £1.073bn, which was three times UK's growth in 2015.

But it remains low by international standard, as a share of GDP, says BBC's Scotland business and economy editor Douglass Fraser...

View more on twitter

BreakingConviviality confirms it failed to get funding

Bargain Booze owner conviviality has now confirmed that it was unable to raise £125m from investors to "adequately recapitalise the business".

Conviviality said: "The Company is in discussions with its lending banks and advisors regarding other possible options and is in receipt of a number of inbound enquiries regarding a potential sale of all or parts the business. A further update will be made as appropriate.

"The Board believe that shareholders in the Company will receive little-to-nil value."

Wall Street on the move

Wall Street
Getty Images

Wall Street shares are now on the move, except for the Nasdaq, which is still being dragged down by losses in Amazon, Intel and Tesla.

The Dow Jones is now up 173.3 points or 0.73% to 24,031.05, led by Verizon, up 2.2% to $48.37 after analysts at HSBC upgraded the stocks to buy from hold.

The S&P 500 is also slightly higher, rising 8.8 points or 0.34% to 2,621.38. Pharmaceutical firm AbbbVie is top of the winners, rising 4.8% to $96.43, despite being ordered to pay $3m following a lawsuit over whether its drug AndroGel caused heart attacks.

And finally the tech-heavy Nasdaq is flat, slipping just 4.4 points or 0.06% to 7,004.39.

London closes slightly ahead

London Stock Exchange
Getty Images

London shares have closed slightly ahead, as British drugmaker the Shire soared after Japan's Takeda Pharmaceutical Co said it was considering a possible offer for the firm.

The FTSE 100 ended up 44.6 points of 0.64% to 7,044.74.

The FTSE 250 was slightly lower, down 32.5 points or 0.17% to 19,356.59.

So, who's going to be paying?

With the proposed plastic bottle and can deposit scheme, who is going to have to foot the bill?

View more on twitter

Bargain Booze in trouble?

Wine bottles
Newscast

Discount alcohol chain Bargain Booze is apparently heading into administration after failing to raise funds from an emergency cash call.

Sky News reports that Bargain Booze owner Conviviality is expected to announce later today that it has been unable to secure the funds, which means 2,500 jobs could be at risk.

A number of suppliers are understood to have deserted the company.

This comes two weeks after Conviviality said it had discovered an unexpected £30m tax bill that had to be paid by the end of March.

Tom Hayes loses appeal over sale of family home

Sarah Tighe and Tom Hayes
Getty Images

Tom Hayes, a former trader at UBS and Citigroup who was jailed for 11 years over the Libor interest rate-rigging scandal, has lost an appeal against a confiscation order over the Hayes' family home.

Hayes' wife Sarah Tighe was forced to sell their £1.6m seven-bedroom family home the Old Rectory. Hayes had purchased the home by himself.

Although he transferred his half of the proceeds to his wife, the Court of Appeal ruled that it is legitimate to use the house proceeds to pay off the £880,000 he was ordered to pay when he was convicted.

"Sarah has been forced to sell her own assets to pay my confiscation order in order to prevent me from being forced to serve an even longer prison sentence. This is unfair on Sarah and my 6-year-old son, Joshua," Hayes said.

"The Proceeds of Crime Act is punitive and draconian and can leave innocent children homeless."

Ms Tighe said she was disappointed that her contributions to their marriage had not been recognised. She now plans to take the matter up with the Equality and Human Rights Commission.

YouTube 'prankster' sued by In-N-Out Burger

In-n-Out Burger
Alamy

A Californian fast-food chain is suing a YouTube videomaker over claims his "prank" films caused "irreparable harm" to two of its restaurants.

One incident allegedly involved Cody Roeder telling a customer their meal was "contaminated" and "garbage" while pretending to be the company's chief executive.

In-N-Out Burger is seeking damages of more than $25,000 (£17,660) .

Plastics deposit return scheme 'to raise price of bottles'

Plastic rubbish
Getty Images

The price of bottles and cans of drinks would have to rise to help pay for the government's proposed deposit return scheme, the plastics industry has warned.

The government wants a returnable deposit on single-use containers to help cut waste and boost recycling.

But the plastics industry said prices would also need to go up to help pay for the necessary infrastructure.

The government said the cost would have to be "proportionate" to any benefits.

Read more here...

British Airways decides to retain call centres

British Airways
PA

British Airways has decided to retain its two call centres in Manchester and New Castle, concluding discussions with managed services firm Capita, which had hoped to win a contract to run the operations.

Instead, BA intends to keep the call centres in-house and invest several million pounds into them.

BA's global customer contact operations handle about 9.5 million calls annually.

Children's toy, or an expensive hobby?

Panini's Fifa World Cup 2018 sticker book
PA

Filling this year's Panini World Cup sticker book costs £773.60, twice the cost for Euro 2016, according to maths expert Prof Paul Harper.

The pages contain 32 squads of players, plus managers, stadiums and World Cup legends, totalling 682 stickers.

A pack of five stickers has risen from 50p to 80p - a 60% increase.

If you buy 137 packets and never get the same sticker twice, it will cost £109.60, but this is "extremely unlikely", says the professor.