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Summary

  1. Wall Street closes up after late rally
  2. EE and O2 say network issues fixed
  3. FTSE closes down as Shire slumps 8%
  4. Standard Life opposes Shell's BG bid
  5. UK-listed drugmaker Shire buys Baxalta for £22bn

Live Reporting

By Richard Anderson

All times stated are UK

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  1. Goodbye!

    That's all for tonight people. We'll be back tomorrow morning at 06:00.

  2. Wall Street closes higher

    New York Stock Exchange

    A late rally means the Dow Jones has closed up on the day, following heavy losses last week.

    The index was 52.12 points, or 0.3%, higher, at 16,398.57. The wider S&P and tech-heavy Nasdaq were almost unchanged.

    On the Dow, chipmaker Intel led the way up, rising 1.8%, while chemicals giant Dupont was down 3.3%.

  3. EE says problem fixed

    The latest from EE simply says:

    "Customers of a number of operators have experienced problems calling landlines for a short period. The issue has now been resolved."

    Short and sweet, but at least it's clear.

  4. Pharma giants join forces to fight cancer

    Patrick Soon-Shiong

    A number of pharmaceuticals companies are joining forces to speed up the development of new cancer drugs.

    GlaxoSmithKline, Amgen and Celgene are among the group, which also includes academic institutions and insurers.

    The project is the brainchild of billionaire surgeon Patrick Soon-Shiong, and is called Moonshot 2020. 

  5. 'Not enough data' for US rate rise

    Federal Reserve

    Atlanta Federal Reserve Bank president, Dennis Lockhart, has said there may not be enough new data on inflation to support another US interest rate rise in March. 

    "How much will we know about inflation trends or inflation developments going into the mid-March meeting? We will have some data but not a great deal more," Mr Lockhart said after giving a speech in Atlanta.

    The Fed did say the pace of rate rises would be gradual when it raised rates in December.

  6. What BT problem?

    BT has been in touch and said it had found nothing to suggest there had been a problem with its network.

    It would appear that these two communications companies are not communicating very well.

  7. O2 says BT problem fixed

    Our updated statement attributed to an O2 spokesperson is:

    "BT has confirmed that the problem is now fixed and those customers who may have been impacted, are able to make calls successfully. We will continue to monitor service overnight to ensure stability for our customers. We apologise for any inconvenience this may have caused."

    EE and 02 customers reported difficulties accessing landlines and other forms of connectivity earlier on Monday.

  8. Former FBI director to settle VW claims

    A former FBI director will help settle more than 500 cases against VW. Robert S Mueller will be "settlement master" in the VW lawsuits relating to the emissions scandal. . VW potentially faces billions of dollars in claims.

  9. The New Republic up for sale

    Liberal US magazine The New Republic is up for sale, just four years after Facebook co-founder Chris Hughes took a majority stake in the business.

    "After investing a great deal of time, energy, and over $20m, I have come to the conclusion that it is time for new leadership and vision at The New Republic," Mr Hughes said.

    "I underestimated the difficulty of transitioning an old and traditional institution into a digital media company in today's quickly evolving climate."

    The magazine has struggled with the resignation of a number of key editors and journalists at the end of 2014.

  10. Oil price below $32

    Oil pump

    The oil price just keeps on sliding, Brent is now trading at $31.46 a barrel, down more than 6% - its lowest level in almost 12 years.

    US light crude is at $31.10, also 6% lower.

  11. EE confirms 'severe outage'

    EE has confirmed it is experiencing technical problems with mobile signal, leaving some customers nationwide unable to make phone calls to landlines, reports the PA news agency.

    The company said signal problems were only affecting calls made from mobile phones to landlines - calling it a "severe outage".

    Twitter reports suggest the problem could be more widespread.

  12. 'Issues at O2'

    O2 have issued this statement on their 'live status' webpage:

    "We are aware of an issue where some O2 customers may be experiencing difficulties making calls from their mobile to EE mobiles and to landline numbers. 

    "BT, our fixed line partner, have confirmed they are investigating a problem within their network and we apologise for any inconvenience."  

  13. 'Mobile service problems at EE and O2'

    There are reports on Twitter that EE and O2 customers are having difficulties with their mobile services.

    We've put in a call to EE and they are getting back to us. We'll let you know as soon as we hear more.

  14. Nigeria ends dollar sales

    Nigerian Naira

    It's not just Nigeria's stock market that is having a tough time - the country's government has said it will stop selling US dollars to bureaux de change to protect its foreign reserves.

    "Operators in this segment of the market would now need to source their foreign exchange from [an] autonomous source," said central bank governor Godwin Emefiele.

    The country's oil revenues, which are paid in dollars, have been hit hard by the slump in the oil price.

  15. Europe increases Russian gas imports

    Gazprom sign

    Gazprom has said it shipped 8% more gas to Europe last year than in 2014, despite political tensions and efforts to reduce reliance on Russian gas.

    Exports to Germany rose 17%, while those to the UK were up 10%, the state-owned Russian energy giant said.

  16. Late dip puts FTSE in the red

    A late-afternoon dip has left all Europe's main markets in the red.

    London's FTSE 100 closed down 40.61 points, or 0.7%, at 5,871.83. The index was dragged down by drugmaker Shire, which fell 8.2% after announcing a £22bn deal to buy US rival Baxalta.

    Paris's Cac 40 was down 21.02 points, or 0.5%, at 4,312.74, while Frankurt's Dax was 24.27 points, or 0.3%, lower at 9,825.07.

    The sharply lower oil price weighed on all global stock markets. 

  17. Nigeria's stock market hit by oil slump

    Another economy being hit by the oil price slump is Nigeria. The country's stock market was down 2.5% today, to its lowest level in more than three years.

    "Investors are growing increasingly worried about the outlook for the biggest economy in Sub-Saharan Africa, largely because the country is too dependent on revenues from the energy industry and the price of oil has fallen through the floor," says BBC Business News reporter Russell Padmore.

    "Last year the benchmark gauge of Nigerian shares fell more than 17 % as the market reflected investors fears about the huge economic challenge the government faces."

  18. Oil price slides again

    Oil well

    The oil price is falling again, and is now down by more than 4% today, with Brent crude currently standing at $32.03 a barrel. US light crude is trading at $31.81.

  19. Bowie, the financial innovator

    Flowers laid for David Bowie

    "Musical genius". "Pop-music icon". "Game-changer". The tributes to David Bowie have been flooding in, but it appears we should also add "Financial innovator" to the list.

    "In the mid-1990s, David Bowie, his financial manager Bill Zysblat, and banker David Pullman came up with a new scheme to generate cash from Bowie's extensive back catalogue.," writes our own Tom Espiner.

    Read more from Tom here.

  20. Arch Coal files for bankruptcy protection

    Coal

    One of America's biggest coal mines has filed for bankruptcy protection. Missouri-based Arch Coal, already struggling with debt after a big takeover in 2011, has been hit by stricter pollution controls and competition from cheap shale gas.

    Arch's share price stood at more than $300 in 2011. Now shares are trading at 83 cents.