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  1. BHS creditors agree a deal to cut the company's rent bill
  2. Jailed Libor trader to pay back £878,806
  3. 'Flash crash' trader faces extradition

Live Reporting

By Mantej Deol

All times stated are UK

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  1. Goodnight

    That is all for today.

    We will be back at 6am with all the business and economic news. 

  2. Novartis pays $25m to settle US bribery charges

    Novartis headquaters

    Swiss pharmaceutical firm, Novartis, has agreed to pay more than $25m to the US government to settle civil charges that it bribed healthcare professionals in China to boost sales there.

    The US Securities and Exchange Commission said the offences took place from 2009 to 2013. 

    And it says Novartis settled the charges without admitting or denying them.

    The SEC had charged Novartis' China-based units of trying to mask bribes by recording them as legitimate expenses for travel and entertainment.

    The agency added that Novartis had co-operated with its investigation and conducted its own "expansive review" into the matter. 

  3. Wall St close

    traders at the NYSE

    Wall Street closed lower led by falls in energy and mining companies. Investors remained cautious a day after the terrorist attacks in Brussels.

    The Dow Jones industrial average fell 79.98 points to 17,502.59.

    The  S&P 500 lost 13.09 points to 2,036.71.

    And the Nasdaq dropped 52.80 points, or 1.1%, to 4,768.86.

  4. More time to sell bailed out Italian banks?

    Italy is negotiating with the European Commission to extend the deadline to sell four banks it bailed out last year.

    The government spent €3.6bn to save Banca Etruria , Banca Marche, CariFe and CariChieti from collapsing last November. The money came from 'healthy' Italian banks.

    Italy promised the European Commission it would sell the banks by April this year. It now wants that deadline extended to September.

  5. Nigeria passes record breaking budget

    BBC World Service reports ...

    BBC World Service

    Nigeria's parliament has passed the 2016 budget, calling for record spending to boost an economy which has been hit hard by falling oil prices. 

    The budget is for the equivalent of $30bn, the highest in Nigeria's history. 

    President Muhammadu Buhari presented the budget last December, but then withdrew it to make changes after a drop in oil prices.

  6. New York car show starts

    The 2016 New York International Auto Show has started and a lot of the attention is on hybrid and electric cars.

    All the major car companies are showing new models even though sales of these vehicles are still at a relatively low level.

    Renault- Nissan boss Carlos Ghosn has been talking about the benefits of going electric - one of which is that they have fewer moving parts.

    Carlos Ghosn
    Quote Message: They require far less service. No oil changes, and they are extremely reliable. from Carlos Ghosn Chief executive Renault-Nissan
    Carlos GhosnChief executive Renault-Nissan
  7. HS2 gets the go ahead

    The legislation paving the way for the high speed rail link (HS2) between London and Birmingham has cleared its final stage in the Commons. 

    The £56bn pound project - backed by both the Conservative and Labour leadership - was approved by 399 votes to 42.

    It's due to be completed in ten years time, with a further extension to Manchester and Leeds added on by 2032. 

    It now has to be approved by the House of Lords. 

  8. FTSE close

    Horse racing

    The FTSE has ended the trading day up 6.37 points, at 6,199.11.

    Top riser on the index was was B&Q owner Kingfisher. Its shares finished up 6% despite reporting a 20% drop in full-year profits to £512m. But when restructuring costs were stripped out, underlying profits were a better-than-expected £686m.

    Biggest loser was bookmaker, William Hill, which saw its shares close down more than 11% after the company warned on profits.

    It said online trading had been hit by tougher regulation and "the worst Cheltenham results in recent history".

  9. ECB offical: Banks' business model needs a rethink

    The European Central Bank's top supervisor has suggested that instead of complaining about low interest rates and exposure to substantial amounts of bad debt, banks should focus their attention on becoming more efficient.

    Daniele Nouy, president of the Supervisory Council at the European Central Bank, is in charge of monitoring 129 of Europe's biggest banks.  She said banks should re-think how they could be better run:

    Daniele Nouy
    Quote Message: Such challenging times are also good opportunities for the banks to review their business models, to reassess the sustainability of their models. And I believe that they have room for manoeuvre. from Daniele Nouy President of the Supervisory Council at the ECB
    Daniele NouyPresident of the Supervisory Council at the ECB
  10. Canadian online betting boss faces insider trading charges

    The Wall St Journal is reporting that the chief executive of Canadian online gambling company, Amaya, has been charged with insider trading over the Montreal's company's takeover of Pokerstars.

    David Baazov is accused of influencing the company’s stock price and aiding trades ahead of the purchase.

    But Mr Baazov denies the charges - the company says he has the full support of the board. 

    More here  

  11. German Budget approved

    The German cabinet has approved its 2017 budget.

    The finance minister, Wolfgang Schaeuble, said the plans catered for higher spending on migrants, security and infrastructure without having to borrow more money. 

    Wolfgang Schaeuble
    Quote Message: We are investing in infrastructure, education and research, we are doing what is needed to guarantee domestic and external security and we are helping migrants - all without (net) new borrowing. from Wolfgang Schaeuble German Finance Minister
    Wolfgang SchaeubleGerman Finance Minister
  12. First US Shale ship arrives in Europe

    The first ship to carry US shale gas to Europe has arrived. 

    The world’s largest multi gas carrier, Ineos Intrepid, docked at Rafnes in Norway carrying 27,500 cubic metres of ethane.

    The ship is one of four specially designed vessels that will form part of a fleet to transport shale gas around the world.

    shale gas ship