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Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good night!

    That's all from the BBC Business Live page for today. Join us again on Tuesday for Mark Carney's appearance before MPs, where he'll be discussing the Bank's financial stability report and its plans to steady the UK economy.

  2. Pound holds its ground

    Pound coins and notes

    One final look at the currency markets shows that the pound is still slightly higher against the dollar after Theresa May was confirmed as the next Prime Minister.

    Sterling was 0.3% higher against the dollar a short while ago at $1.2992, with analysts saying markets had reacted positively to Mrs May's swift coronation. 

    However, it hasn't been able to stay above $1.30 as traders brace for a possible cut in interest rates from the Bank of England on Thursday. 

    Against the euro, the pound was up 0.2% to €1.1743.

  3. BreakingS&P finishes at record high

    Wall Street bull

    The S&P 500 has surged to a record high - finishing 7 points higher at 2,137.16 - as Wall Street brushed aside worries about the global economy. 

    The tech-focused Nasdaq gained 0.8% to close at 4,988.64 - having briefly touched 5,000 points for the first time this year.

    The Dow Jones Industrial Average, meanwhile, rose 80 points to 18,226.93.

  4. May 'can't prevent Brexit recession'

    Theresa May

    The Centre for European Reform, a pro-EU think tank, argues that Theresa May is unlikely to be able to avoid a recession as Prime Minister.

    "Sterling has rallied at news that May will be PM. But Brexit will still lead to a recession," Christian Odendahl and John Springford say.

    That's because investment will fall due to trade barriers with the EU and higher uncertainty, they say. 

    The Conservatives would then need to make a "spectacular policy U-turn" if they wanted to boost public spending to counteract the decline in investment and consumption.

  5. Tesla heads higher after 'top secret plan' hint

    Tesla car

    Tesla shares are on course for 4% gains as we head towards close of trading on Wall Street after its founder hinted at a new "top secret masterplan".

    It would update the "masterplan" announced by Elon Musk in 2006 when he promised "an electric car without compromises".

    In recent weeks the carmaker has come under pressure as US authorities investigate two crashes involving Tesla cars.

    View more on twitter
  6. Taylor Swift tops celebrity pay charts

    Taylor Swift

    Singer Taylor Swift was the highest earning celebrity over the past year with $170m (£130m), according to the Forbes Celebrity 100.

    It's largely due to her massive 1989 World Tour, apparently, and sponsorship deals with Diet Coke and Apple. 

    For those closely following the US pop star's career, she also came in ahead of two former flames. Boy band One Direction, which includes Harry Styles (who she dated in 2013), came in second with $110m; and her more recent ex, Calvin Harris, claimed the No. 21 spot with $63m. 

  7. Firms back Women in Finance Charter

    Woman at her trading desk

    A pledge to promote gender diversity in financial jobs has been backed by 72 firms. Major UK banks such as Barclays, HSBC and Lloyds are among those which signed up to the government's Women in Finance Charter.

    The charter commits companies to:

    • a senior executive who is accountable for gender diversity and inclusion; 
    • internal targets for gender diversity; 
    • publishing progress annually against these targets; 
    • an intention to link the pay of the senior executive team to delivering the targets.  
  8. Droning on at Farnborough

    Theo Leggett

    BBC Business News Reporter

    Cybersecurity is one of the big issues under scrutiny at the Farnborough Airshow - the biggest gathering of the year for the global aerospace and defence industry, which began on Monday.   

    Video content

    Video caption: Cybersecurity is one of the big issues under scrutiny at the Farnborough airshow.
  9. 'Gaming tourism'

    World Business Report

    Dozens of people dressed up as Pokemon character Pikachu

    The success of Pokemon Go - which has sent Nintendo shares soaring 20% - could see other businesses benefit from "gaming tourism", according to World Business Report.

    The augmented-reality version of the classic Japanese game, which launched last week in the US, connects a player's real-world location to the game as they try to catch on-screen characters.

  10. Growth forecasts cut

    The European Commission has cut its forecasts for growth in the eurozone and the UK after the Brexit vote in early estimates announced on Monday. The fall in UK GDP will be about 1% to 2.5% by 2017, compared with a previous forecast of 1.8% to 1.9% growth for 2016 and 2017 respectively.

    Eurozone growth is likely to fall between 0.2% and 0.5% by 2017 because of the referendum vote. 

    On Friday, the IMF also cut its growth forecasts for the eurozone to 1.6% from 1.7% in 2016 and to 1.4% from 1.7% next year. 

  11. Unfortunate timing?

    Christopher Bailey

    Anusha Couttigane, senior analyst at Kantar Retail, comments on the reshuffle at Burberry:

    Quote Message: While Christopher Bailey is still highly respected for his creative talents, these have been difficult challenges to face for someone with little experience leading a business in its totality. In many ways, Bailey has been the victim of unfortunate timing, taking on a dual role just when the market was beginning to encounter resistance on several fronts – a trial for which he was underprepared. Although he has had successes in new areas like the Beauty division, grappling with failures in Burberry’s core segments has left Bailey thinly spread, perhaps distracting him from the creative responsibilities at which he naturally excels."
  12. Farm life

    BBC business presenter Victoria Fritz is off to the Great Yorkshire Show to discuss the farming industry's plans for Brexit.

    British farmers have called on the government to ensure they receive the same level of funding outside the EU.  

    View more on twitter
  13. Miners lead FTSE 100 gains

    Iron ore mine

    Laith Khalaf, analyst at Hargreaves Lansdown, says the positive mood on the FTSE was helped by the emergence of Theresa May as Conservative party leader, as well as the expectation of a rate cut from the Bank of England on Thursday.

    The role played by commodity stocks shouldn't be underestimated either, he says. 

    Quote Message: The bounce has been led by a big recovery in mining stocks, and a boost from the falling pound which has augmented the Sterling value of the overseas earnings streams generated by many of the big blue chips. In terms of the miners, BHP Billiton and Rio Tinto are trading around 50% up on their February price, with Glencore doubling in price since 11th February."
  14. Theresa May elected Conservative leader

    Theresa May

    Theresa May has been elected as Conservative leader "with immediate effect" after the party's board officially agreed on the appointment.

    David Cameron has said Mrs May will take over as Prime Minister on Wednesday evening.

    The swift conclusion of the Conservative leadership contest - following the decision of Mrs May's rival Andrea Leadsom to step aside - has buoyed the markets and pushed the FTSE and sterling higher.