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  1. British Steel enters insolvency process
  2. Pound slides against the dollar and euro
  3. Sir Philip unveils plan to save his retail empire
  4. UK inflation reaches 2.1% in April, highest in 2019
  5. ARM memo tells staff to stop working with Huawei
  6. Pret A Manger buys out rival EAT for undisclosed sum
  7. Royal Mail announces dividend cut to fund turnaround
  8. Marks & Spencer suffers 10% drop in underlying profits
  9. Ofgem fines firm which left hundreds without gas
  10. Get in touch:

Live Reporting

By Katie Hope

All times stated are UK

  1. Good night

    BBC testcard

    That's it for this week 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.

  2. US stocks close lower

    US stock market

    Fears over continuing trade tensions have hit US stocks. The Dow Jones closed down0.4% at 25,776.61, the Nasdaq also slid dropping 0.5% to 7,750.84 while the S&P ended 0.3% lower at 2,856.27.

    "It is hard to trade when there is so much uncertainty and confusion out there.

    "It doesn't sound like talks are going to restart anytime soon, so we'll have to wait until the G20 summit in late June," says Ryan Nauman, market strategist at Informa Financial Intelligence.

  3. Avon shares soar

    Avon pic

    Avon Products shares have soared on reports that Brazilian cosmetic maker Natura Cosmeticos - which owns The Body Shop in the UK - is going to buy it.

    The firm's shares are up 12% after the companies said they were in advanced talks on a deal in which Natura would become majority shareholder in the 133-year-old US group.

    The firm - which opened in the UK in 1959 - is perhaps best known for its origins as a job for housewives and stay-at-home mothers selling cosmetics and perfumes directly to their friends and neighbours.

  4. US economy 'set for solid growth'

    us manufacturing

    The US economy is set for solid growth of 2.25-2.50% rate this year, according to a top Fed official.

    However, Dallas Federal Reserve Bank President Robert Kaplan told the FOX Business Network that it was too soon to say what effects US tariffs on Chinese imports would do to the country's currency or inflation rate.

    Kaplan also reiterated that he wants to be patient on rates and avoid policies that might create excesses or imbalances in the US economy.

  5. Fed minutes fail to stem Wall St falls

    us fed

    The Fed minutes have had little impact on Wall Street with all three indexes continuing to trade lower.

    "I don't think the Fed is a major consideration for the market right now," says Robert Phipps, a director at Per Stirling Capital Management.

    "There are times when geopolitical factors overwhelm everything else, and we believe this is increasingly one of those times."

  6. Fed minutes show no rush to raise rates

    Jerome Powell

    The US Federal Reserve minutes from their interest rate meeting last month have just been released.

    They show that officials agreed that their current patient approach to setting monetary policy could remain in place "for some time."

    Officials also spoke in depth about how they could best structure their holdings of several trillion dollars of securities to battle a future economic downturn, the minutes show.

  7. 'Just the beginning'

    Amazon composite image

    Civil rights campaigners say they're not planning trying to stop Amazon using facial recognition tech despite today's vote being voted down.

    We will see what the tally is, but one of our primary objectives was to bring this before shareholders and the board, and we succeeded in doing that," Mary Beth Gallagher from the Tri-State Coalition for Responsible Investment told the BBC.

    "This is just the beginning of this movement for us and this campaign will continue. We have built links to civil rights groups, employees and other stakeholders.

    "And the most important thing is that regardless of the result, we still want the board to halt sales of Rekognition to governments, and it has the capacity to do that."

    The American Civil Liberties Union added that the very fact there had been a vote was "an embarrassment to Amazon" and should serve as a "wake-up call for the company to reckon with the real harms of face surveillance".

    Read more here

  8. The Pensions Regulator 'rejects' Arcadia plan

    Sir Phillip's rescue plan for Arcadia Group has already hit a hurdle, according to Sky News.

    It says The Pensions Regulator is not happy.

    Sir Philip's plan to inject £100m into its pension scheme is deemed inadequate to protect members' interest, it says.

    View more on twitter
  9. Amazon shareholders reject facial recognition curbs

    Amazon pic of faces
    Image caption: Rekognition can match photos to databases holding millions of people's faces

    Amazon says shareholders have rejected proposals to curb and audit its facial recognition service.

    There were two shareholder votes on the issue.

    The first one was over whether the company should stop offering its Rekognition system to government agencies.

    And the second one was over whether to commission an independent study into whether the tech threatens people's civil rights.

    Amazon said facial recognition was a “critical” tool for “business, government and law enforcement” and that users bore responsibility for adhering to strict usage rules.

  10. Which stores are closing?

    UK map
  11. Landlords vote crucial

    Sir Philip and Kate Moss

    Sir Philip's rescue plan for Arcadia still needs to be approved by landlords and that's not a given.

    The British Property Federation (BPF) has repeatedly said that too many companies are abusing CVAs and using them to dodge rent.

    Today it's said that it's up for individual property owners to decide on how they would vote on Arcadia's plan.

    New Look, Carpetright, House of Fraser and Mothercare are among retailers that have already used the process to shore up their finances.

  12. The stores due to close

    Here is the full list of the stores set to close, assuming of course that landlords approve the deal.

    Table of store closures
  13. 'Out of fashion'

    shop numbers

    Business correspondent Emma Simpson says Sir Philip Green's brands have fallen out of fashion.

    Read her analysis here:

    Sir Philip Green's brands used to dominate the high street. He was the king of retail, making a fortune in the process. He famously took out a £1.2bn dividend from Arcadia back in 2005, the largest corporate payout in UK history.

    But this once powerful retail empire is now in serious trouble. Dorothy Perkins, Burtons and Miss Selfridge fell out of fashion a long time ago.

    Topshop has long been the jewel in the Arcadia crown but it too is struggling. It's no longer the go-to place for young fashion-seekers.

    Behind the scenes, his brands have suffered from years of underinvestment. But, like other traditional retailers, Arcadia is also been hit by rising costs like business rates and wages as well as our changing shopping habits. Sales are on the slide.

    This restructuring deal, which must be approved by landlords and the Pension Protection Fund, is a pivotal moment for Sir Philip and his business. If he doesn't succeed, administration looms.

    His aim is to put the group on a more sustainable footing so a turnaround plan can be put in place.

    But launching a CVA, even though they're in fashion, is a dramatic fall from grace for a businessman whose glory days seem long gone.

  14. BreakingTopshop owner Green to close 23 stores


    Topshop owner Sir Philip Green plans to close 23 stores, putting 520 jobs under threat as part of a rescue plan.

    His Arcadia firm, which owns Topshop, Burton and Dorothy Perkins is seeking a rescue deal that would also allow it to cut rents at 194 stores.

    It is another blow to the tycoon, who this month lost his Sunday Times Rich List billionaire status.

    Ian Grabiner, chief executive of Arcadia Group, called the steps "tough but necessary" to mend the business.

    The company could also shut all its 11 Topshop and Topman stores in the US. The closures would add to the 200 UK stores shut over the past three years as it struggles with a challenging market.

  15. US stocks drop

    US traders

    It's a different story in the US where all three main indexes are trading lower.

    The Dow Jones Industrial Average is currently 63.57 points, or 0.25% lower, at 25,813.76. The S&P 500 is down 6.17 points, or 0.22%, at 2,858.19 and the Nasdaq Composite is down 24.20 points, or 0.31%, at 7,761.53.

    Analysts are blaming ongoing trade tensions between the US and China for the fallout.

  16. FTSE bucks downward trend

    While globally markets have largely fallen, the FTSE 100 has managed to buck the downward trend.

    It's ended the day slightly higher, closing 0.07% at 7333.90. The rise will have been helped by the pound's fall. Many of the international firms listed earn revenues in dollars, meaning a weaker pound can be favourable to them.

    In contrast, the FTSE 250 ended lower, dropping 0.64% to 19,312.38.

  17. Tesla's unusual hiring methods

    Elon Musk

    Elon Musk is well known for running his company rather differently to most founders, but it's worked out well for Adam Koszary, the social media strategist behind The Museum of English Rural Life's Twitter account.

    After he posted a picture of "an absolute unit" of a sheep to his work Twitter account, it was picked up by Mr Musk who has now hired Mr Koszary as the social media manager for his car company Tesla.

    Read more here

  18. Pets At Home shares soar


    It's been a fantastic day for Pets at Home. The pet shop chain's shares are up almost 10% after this morning's better-than-expected annual results.

    The 452-strong chain said retail like-for-like sales rose 5.1% in the year, with group-wide comparable store sales up 5.7%.

    The rise comes despite the group's pre-tax profits slumping 37.7% to £49.6m after it took a £40.1m hit on its overhaul of the group's chain of veterinary practices after rapid expansion in recent years.

    Chief executive Peter Pritchard said the group was on track to return to profit growth in 2020-21.