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Live Reporting

Mary-Ann Russon

All times stated are UK

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  1. Good Night

    BBC testcard

    That's it for tonight on Business Live.

    We'll be back bright and early at 06:00 on Tuesday morning.

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

  2. Wall Street closed slightly higher

    Wall Street

    The Dow Jones closed up 0.31% or 72 points to 23,430.33, led by Verizon, which was 1.9% higher at $46.29.

    Coca-Cola was the top loser, down 2.3% to $45.47.

    The S&P 500 was slightly higher at 2,582.14, led by Spectra Energy up 3.1% at $15.47.

    The tech-heavy Nasdaq ended up a touch, 7.9 points higher to 6,790.71, led by Chinese cloud computing provider Xunlei Limited, which soared 24.5% to $18.93.

  3. 'We should have money back'

    BBC News Channel

    Pound and the euro

    The former Work and Pensions Secretary, Iain Duncan Smith, who voted for the UK to leave the EU, says it's not only Britain who should pay up during Brexit negotiations.

    "We've put a lot of money, many tens, twenties, fifty, billions, hundreds of billions of pounds into the EU. We own a whole bunch of assets in the EU," Mr Smith told BBC News.

    "We have a part-share in many of these assets.

    "So the responding question is to the EU, when are you going to value those assets and the money that we have invested and we've like to have that money back. So it's not all one-way."

  4. BreakingAT&T antitrust

    AT&T logo

    AT&T is facing an antitrust lawsuit from the US Department of Justice over its Time Warner takeover bid, according to Bloomberg.

    Shares of Time Warner fell by 1.32% to $87.55 on the back of the news that the US government is to make an antitrust announcement, while in contrast, AT&T's shares jumped by 0.5% to $34.70.

  5. Oil prices slipped on close

    An offshore oil rig

    Oil prices have slipped, extending recent weakness ahead of a meeting of the Organisation of the Petroleum Exporting Countries next week, while the rally in the dollar negatively affected commodities.

    Brent crude closed down 0.8% at $62.22 a barrel, while West Texas Intermediate fell 0.5% percent to settle at $56.41 a barrel.

  6. A clear figure needed

    BBC News Channel

    Damian Grammaticas, BBC's Brussels correspondent

    "What [the EU] needs is a more precise figure of what the UK is prepared to pay [as part of the Brexit divorce bill], and they need it soon," Damian Grammaticas, BBC's Brussels correspondent told BBC News.

    "The EU wants the financial commitments firmly on the table and then move on.

    "The UK will not get that nailed-down trade deal for several years, and the EU is very clear on that timetable."

  7. Meet the world's youngest self-made billionaire

    27-year-old John Collison does not seem entirely comfortable with his somewhat impressive claim to fame - he is the world's youngest self-made billionaire.

    View more on twitter
  8. Daily Mail promotions row

    Paperchase wrapping paper

    Paperchase has promised not to run any more promotions in the Daily Mail following a backlash from an online activist group which has criticised its news stories.

    The stationery firm offered free wrapping paper in Saturday's newspaper.

    But on Monday, it said: "We're truly sorry and we won't ever do it again."

    A Daily Mail spokesman said: "It is deeply worrying that Paperchase should have allowed itself to be bullied into apologising."

  9. See ya!

    Federal Reserve Board Chairwoman Janet Yellen waves to members during a House Financial Services Committee hearing on Capitol Hill, February 25, 2015 in Washington, DC.
    Image caption: Federal Reserve Chair Janet Yellen waves to members during a House Financial Services Committee hearing in 2015

    Federal Reserve Chair Janet Yellen plans to step down from the board of the US central bank, rather than remain on the committee under a new leader.

    The announcement clears up questions about what Ms Yellen's future at the bank, after US President Donald Trump named another member of the board, Jerome Powell, as his pick to lead the institution.

    Ms Yellen, 71, had the option of remaining on the board as a governor until 2024.

    In her resignation letter, she said she is gratified by the economy's progress and the financial system's ability to withstand instability.

    Her departure creates another vacancy on the bank's board, giving the president another opportunity to make his mark.

  10. Macron hails bank move

    Macron

    French President Emmanuel Macron hailed his EU peers' decision to relocate the European Banking Agency from London to Paris after Brexit as proof of the country's attractiveness and a reward for its pro-Europe efforts.

    "It's a recognition of France's attractiveness and European commitment," Macron said in a tweet.

    Government spokesman Christophe Castaner said hosting the EBA will bring "tens of thousands" of banking jobs to the French capital, which is competing with Frankfurt and other cities to attract London-based bankers.

  11. Paris victory

    Eiffel Tower

    The voting on the relocation of the European Banking Authority from London post-Brexit was obviously close.

    Paris tied with Dublin in the third vote and it was then left to the Estonian chairman of the meeting to pick the winner according to a pre-agreed procedure.

    Frankfurt, a leading EU financial centre and home to the European Central Bank, lost out in the race at an earlier stage.

    Earlier on Monday, a series of EU votes to pick a new site for the European Medicines Agency, also now based in London, also ended in a tie before Amsterdam won in drawing of lots.

  12. BreakingAnd the winner is...

    Paris has won the right to host the European Union banking agency after Brexit, it has been announced.

    The French capital beat Dublin in a tie-break after three rounds of voting by EU ministers failed to produce an outright winner

  13. London's loss

    tablets

    Reaction is coming in to this evening's news that Amsterdam has won the race to host the London-based European Medicines Agency after Brexit.

    The chief executive of the UK BioIndustry Association Steve Bates, says: "London's loss is Amsterdam's gain. Today's decision on the location of the European Medicines Agency means 1,000 high-quality jobs leaving the UK, disrupting a thousand families as a direct result of Brexit, with implications for thousands more.

    "Businesses now need certainty. The best way to do this is by an early agreement to a transition timeframe and continued close regulatory co-operation. We must now ensure Brexit does not disrupt the safe supply of vital medicines to tens of millions of families in the EU 27 and the UK."

  14. Phone call problem

    Google Pixel 2 smartphone

    Google has promised to fix an issue that causes buzzing sounds to be heard during calls using its Pixel 2 smartphones.

    Google says it will release a software update "in the coming weeks" that will fix this problem, according to Tech Crunch.

    This is not the first problem users have had with the Pixel 2 - other problems include colour calibration and burn-in marks on the screen, touchscreens that don't work and bad sound recording on videos.

  15. Amsterdam wins European Medicines Agency

    European Medicines Agency

    Amsterdam has won a fierce fight to host the European Medicines Agency (EMA) when it leaves London - one of the most prized spoils of Brexit.

    Amsterdam beat Milan to win a tiebreak, following three rounds of secret voting by the 27 remaining EU member states.

    The EMA has been based at Canary Wharf since 1995 and has 900 staff.

    It is tasked with evaluating and supervising medicines for both human and animal use, as well as helping national authorities authorise the sale of drugs across the EU's single market.

  16. Saudi Economy minister says investors like what they see

    BBC World Service

    Saudi economy minister Mohammed al-Tuwaijri

    The BBC has been speaking to Saudi Arabia's new post-corruption-crackdown economy minister Mohammed al-Tuwaijri.

    Was he getting lots of nervous phone calls from foreign investors, worried by the sudden arrest of hundreds of Saudi officials including royals?

    "No, I meet them all so it’s beyond phone calls, you know, they do come here," Mr al-Tuwaijri told correspondent Lyse Doucet.

    "The majority of investors are saying look, this is the kind of environment we like to see. And most of them, because they’ve invested here, and they know us well, said look, going forward is what really matters.

    "It's dealing with a more transparent well-governed institutional [frame]work that’s what really matters to them."

    He wouldn't be drawn on what was likely to happen to the frozen assets of those under arrest, or on details of next year's planned listing of Saudi Aramco.

  17. Yo! Sushi acquires US sushi chain

    Yo! Sushi

    International restaurant network Yo! Sushi has acquired Bento Sushi, the second largest sushi brand in North America, for £60m.

    Toronto-based Bento operates quick service restaurants, on-site kiosks in supermarkets and other food service locations. The chain says it serves more than 20 million sushi portions per year.

    Yo! Sushi is one of the largest sushi companies outside Japan with restaurants located across Europe, Australia and the Middle East.

  18. Vote Leave campaign investigated

    Vote Leave

    The UK's Electoral Commission has announced it is investigating the company behind the official campaign to leave the European Union over whether it breached campaign finance rules during the 2016 referendum.

    Previous assessments into Vote Leave Limited were conducted in February and March, but no action was taken at the time.

    "Since that time, new information has come to light which, when considered alongside the information obtained previously, has given the Commission reasonable grounds to suspect an offence may have been committed," said the Electoral Commission.

  19. London closes flat

    London Stock Exchange

    The FTSE 100 has closed flat at 7,389.46 points - up just 8.8 points or 0.12%.

    One of the biggest fallers was biopharmaceutical firm Shire Plc, which fell 2.7% to trade at £35.73.

    Meanwhile, the FTSE 250 fell 0.4% to 19,871.29.

    The top loser of the FTSE 250 index was Spire Healthcare Group, which was down 8.4% to 247p, after takeover talks with South African private hospital group Mediclinic fell through.

  20. Sterling on the rise

    The pound is now up 0.3% against the dollar at $1.32570, on hopes that the Budget announcement on Wednesday will provide a boost for consumers.

    Sterling is also ahead 0.63% on the euro at €1.12820.