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Summary

  1. Marks & Spencer reports 2.7% slide in clothing sales
  2. Co-operative Group annual profits fall
  3. Wall Street lower after global growth concerns resurface

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    That's all from the Business Live page for tonight. Catch up with us again tomorrow from 06:00.

  2. VAT to be shaken up?

    BBC World Service

    Finally, another story from World Service - European Union officials have proposed a major overhaul of the way that sales tax - or VAT - operates among member states, to combat fraud and inefficiencies. 

    They reckon revenue from the tax is $190bn (£135bn) a year lower than it should be. 

    As well as short term measures to combat fraud, the proposals would allow countries more freedom to reduce rates on specific items if they want to.

  3. Nigerian publisher opens in Britain

    BBC World Service

    A successful Nigerian publishing house, Cassava Republic, has launched a branch in Britain, BBC World Service reports.

    The founder told the BBC it was high time for a Nigerian publisher to set up in London. Most African writers are published in the West. 

    One writer (Sarah Ladipo Manyika) said it was important to expand audiences for African writers. She said she had made an ideological decision to give world rights to her work to an African publishing house. 

    Cassava Republic will publish fiction and non-fiction, as well as children's books and romance novels written by Africans and largely set on the continent.

  4. Wall Street closes lower over rising global growth fears

    Wall Street has closed lower after oil prices slid and investors worried that measures taken by central banks may not be enough to put the global economy back on track.

    The Dow Jones Industrial Average was down 174.09 points, or 0.98%, at 17,541.96, the S&P 500 was down 24.75 points, or 1.20%, at 2,041.91, and the Nasdaq Composite was down 72.35 points, or 1.47%, at 4,848.37. 

  5. Senators ask Treasury to probe US links to 'Panama Papers' firm

    Senators Elizabeth Warren and Sherrod Brown have urged the US Treasury to investigate whether any US or US-linked entity was involved with the law firm at the heart of the "Panama Papers" leak on offshore wealth.

    "As the primary agency charged with protecting the integrity of the US financial system and enforcing our laws against money laundering and terrorist financing, we strongly urge the Treasury Department to conduct its own inquiry into Mossack Fonseca's activities and its clients," the senators, both Democrats, wrote in a letter to Treasury Secretary Jack Lew. 

  6. Putin denies links to offshore accounts

    Russian President Vladimir Putin

    President Vladimir Putin has denied having any links to offshore accounts and described the Panama Papers document leaks scandal as part of a US-led plot to weaken Russia.

    He said: "They [the US] are trying to destabilise us from within in order to make us more compliant."

  7. Deputy Labour leader: Cameron admission 'extraordinary'

    Tom Watson

    Tom Watson MP, deputy leader of the Labour Party, has responding to David Cameron's admission he had a stake in father's offshore trust:

    Quote Message: After days of repeatedly avoiding the issue, this is an extraordinary admission from the Prime Minister. David Cameron, who described the use of complex tax avoidance schemes as 'morally wrong', has been forced to admit that he held shares in a fund now linked to tax avoidance. Far from being the end of the matter, the questions keep coming. Did the Prime Minister know that this fund was linked to tax avoidance? If so, when, and if not, why not? Given that he claimed that 'sunlight is the best disinfectant', why has it taken six years for this to come to light? The time has come for David Cameron to put the record straight rather than having details dragged from him in installments - that is the absolute minimum in terms of getting this in the meantime, I'm sure the Prime Minister will be considering voluntarily paying the money that, in his own words, should morally belong to the exchequer. People want a government that clamps down on tax avoidance and they want a Prime Minister who upholds the highest standards. At the moment we seem to have neither."
  8. Proportion of PM's £300,000 inheritance may have come from offshore funds

    Some of David Cameron's inheritance may have come from offshore sources, he has told ITV political editor Robert Peston.

    The Prime Minister said his father "had investments in Blairmore", a unit trust that was one of the offshore firms revealed in the Panama Papers leak.

    Quote Message: I obviously can't point to every source of every bit of the money, and dad isn't around to ask the questions now." from David Cameron UK Prime Minister
    David CameronUK Prime Minister
  9. White House: Treasury working on more steps to counter tax avoidance

    The White House has said that the Treasury Department is working on taking additional steps to counter corporate tax avoidance after it issued major new rules on tax inversions on Monday.

    "I know that they are working on any future actions," White House spokesman Eric Schultz said.

  10. Cameron admits profiting from offshore fund

    David Cameron

    UK Prime Minister David Cameron has revealed that he and his wife sold shares worth £30,000 from an offshore tax haven fund set up by his late father.

    He said he did not have "anything to hide" about his financial affairs, and that he had paid UK taxes on the transaction, in an interview with ITV News.

    Mr Cameron has faced intense pressure to give information about his interests since the Panama Papers leaks, which included details of Blairmore Holdings - which used "bearer shares" to protect investors' privacy. 

  11. US Treasury chief criticises Metlife court opinion

    US Treasury Secretary Jack Lew has criticised a federal court for striking down as "arbitrary and capricious" a decision by regulators to designate MetLife as a "systemically important" financial firm.

    "In overturning the conclusions of experienced financial regulators, the court imposed new requirements that Congress never enacted, and contradicted key policy lessons from the financial crisis," Mr Lew said.