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  1. Wall Street rises 1% in afternoon trading
  2. FTSE 100 closes 1.2% higher at 6,338 points
  3. Former BHS owner Dominic Chappell in holiday flights row
  4. Tesco sales up in 'challenging' market
  5. Macy's chief executive to step down

Live Reporting

By Chris Johnston

All times stated are UK

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  1. Goodbye

    That's all from Business Live today - thanks for reading. Our colleagues on the politics live page are with you throughout the night and into Friday as the result of today's EU referendum vote become apparent. 

  2. Twilio shares soar

    Software company Twilio surged almost 88% to $28.19 in its first day of trading following an IPO that raised $150m. The shares had been priced at $15.

    The company makes software that helps companies communicate with their customers and employees through methods like text messages and phone notifications. 

  3. BreakingWall Street jumps

    Wall Street closed solidly higher, giving the market its biggest gain in a month, after European markets posted strong gains.

    The Dow Jones industrial average rose 230 points, or 1.3%, to 18,011 points - the Dow's first close above 18,000 in two weeks. The S&P 500 rose 1.3% to 2,113, while the Nasdaq composite added 1.6% to 4,910 points.

    Banks posted big gains, with Citigroup rising 4% and Bank of America climbing 3%. 

  4. Top of the pops?

    Something from earlier today in case you missed it - apparently pop videos can now be directed by artificial intelligence software, reports technology correspondent Rory Cellan-Jones:

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  5. Goldman scraps campus interviews

    Yale University

    Goldman Sachs will no longer interview prospective staff on university campuses and will switch instead to a video platform from next month. 

     The changes are designed to help the investment bank identify strong candidates who may not attend one of its "target" institutions - mostly Ivy League colleges such as Yale (pictured) or Princeton.

    "We want to hire not just the economics or business undergraduate but there is that pure liberal arts or history major that could be the next [Goldman chief executive] Lloyd Blankfein," said Edith Cooper, Goldman's global head of capital management (whatever that means).  

  6. Gold price falls

    Gold bars

    Gold fell to a two-week low on Thursday, with spot gold trading at 0.3% at $1,261.90 an ounce after earlier hitting $1,257.91 - its lowest since 9 June. 

    US gold futures settled down 0.5% at $1,263.10 an ounce.  

  7. Plant and Page 'grateful'

    Robert Plant and Jimmy Page
    Image caption: Robert Plant and Jimmy Page

    Robert Plant and Jimmy Page have issued a statement following the Stairway to Heaven ruling we reported earlier:

    Quote Message: We are grateful for the jury's conscientious service and pleased that it has ruled in our favour, putting to rest questions about the origins of Stairway to Heaven and confirming what we have known for 45 years. We appreciate our fans' support and look forward to putting this legal matter behind us."
  8. More falls for Tesla


    Tesla shares are down another 1.1% at $194.77 in New York after Morgan Stanley cut its rating to "equal weight" and Berenberg cut its target price to $145 from $150

    Shares in the electric car maker have fallen more than 11% since founder Elon Musk revealed his bold plan to merge Tesla with SolarCity, his troubled solar installation firm. 

  9. Challenges remain for Macy's

    Macy's store

    The decision by Macy's to elevate Jeff Gennette to chief executive has been welcomed by Stifel analyst Richard Jaffe. He points to Mr Gennette's experience at the company that runs about 870 department stores - he was chief merchandising officer before becoming president two years ago - and Terry Lundgren's continued involvement. However, Mr Jaffe noted that "driving sales remains an ongoing challenge".  

    Mr Lundgren, 65, has been running the company since 2003 and will stay on as executive chairman. He said the move was part of a "very orderly planned succession''.

    Macy's shares were up 1.6% in afternoon trading in New York.

  10. 'No proof'

    Led Zeppelin in 1973
    Image caption: Led Zeppelin in 1973

    More on the Stairway to Heaven case:

    The jury of four men and four women found there was no proof that the Led Zeppelin song and Taurus by Spirit were sufficiently similar for the defunct band's copyright to have been breached. 

    Robert Plant and Jimmy Page denied plagiarising the melancholic guitar progression of their classic 1971 song from the instrumental track that was written four years earlier. 

    Both musicians were in court as the verdict was read out after a seven-day trial. The case brought by Michael Skidmore, the trustee and friend of Spirit guitarist Randy California, who drowned in 1997 having failed to take legal action over the song. 

  11. BreakingLed Zeppelin win plagiarism case

    Jimmy Page

    A US jury found that Led Zeppelin did not steal the introduction to Stairway to Heaven from a long-defunct Los Angeles rock band. 

    The jury said although songwriting duo Robert Plant and Jimmy Page (pictured) had access to the material from the band Spirit, there was no proof they had committed plagiarism. 

  12. Deutsche branch closure deal

    Deutsche Bank sign

    More banking news: Deutsche Bank has struck a deal with its works council to close a quarter of its branches in Germany - slightly fewer than expected.

    The country's biggest bank said last year that it would cut 9,000 jobs, of which 4,000 would be in Germany. 

    It will start closing down branches before the end of the year, with most to be shut in the first half of 2017. Deutsche with be left with 535 branches in Germany, compared to an original target of 500.   

  13. Merrill Lynch fined $415m

    Merrill Lynch logo

    Merrill Lynch - part of Bank of America these days - will pay $415m (£280m) and admit to wrongdoing to settle charges that it misused customer cash, the Securities and Exchange Commission said. It is the largest customer protection settlement the US regulator has secured.

    An SEC investigation found that Merrill Lynch violated SEC rules by holding up to $58bn a day in a clearing account that should have been in a reserve account, said the SEC's Andrew Ceresney.

    Merrill Lynch spokesman William Halldin said: "While no customers were harmed and no losses were incurred, our responsibility is to protect customer assets and we have dedicated significant resources to reviewing and enhancing our processes."

  14. BreakingVW 'to pay $10.2bn' to US owners

    VW wheel

    Volkswagen has agreed to pay about $10.2bn (£6.9bn) to settle claims in the US from its emissions-cheating scandal, according to a source quoted by Associated Press. 

    That means the owners of 482,000 owners of cars with 2-litre diesel engines programmed to cheat on emissions tests would get $1,000 to $7,000 depending on the age of the cars, with an average payment of $5,000.  

    A federal judge has issued a gag order in the case and the AP source said the terms could change by the time they are released by the court on Tuesday.  

  15. FTSE rises 1.2%

    Paddy Power

    The FTSE 100 has ended a choppy day of trading 1.2% higher at 6,338 points. 

    Paddy Power Betfair was one of the biggest fallers, down more than 4%.

  16. 25 hits Spotify at last


    Seven long months ago Adele released her third album, 25, which was only available as a CD and digital download. However, her label XL/Columbia is finally releasing it to streaming services such as Spotify from midnight. 

    As music journalist Rhian Jones writes: "The full album was held back as part of Adele and team’s release strategy, which turned out to be an incredibly smart move — 25 has since shifted nearly 20m sales worldwide and remained at #1 in the UK for 12 weeks."

    Adele plays Glastonbury on Saturday night and her performance can be seen live on BBC2 and online.

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  17. No nerves for the Dow


    Connor Campbell of Spreadex comments on today's US markets:

    Quote Message: Things have calmed down somewhat since that midday frenzy, the European indices looking increasing nervy as closing time creeps closer. Not that these nerves slowed down the Dow Jones. While not quite at the peak the futures promised, the US index nevertheless opened 140 points higher, yet again taking it above the 17,900 mark. The dribs and drabs of data provided by the US session understandably failed to make much impact, even if their general state was promising; jobless claims hit an 8 week low of 259,000, while the Markit flash manufacturing PMI jumped back to a three-month high of 51.4. Only the new homes sales figure disappointed, slipping to 551,000 from an already revised-down 586,000 last month."
  18. BreakingLibor trial verdict 'tomorrow'

    Much excitement in the business newsroom for a few minutes as we thought the jury was about to return in the Barclays Libor trial. However, economics correspondent Andy Verity has just tweeted:

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