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Summary

  1. ARM Holdings falls to Japan's Softbank in £24bn takeover
  2. FTSE 100 closes up 0.4% after ARM shares surge
  3. Turkish shares tumble after coup
  4. US bank Wells Fargo buys major new London office

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good night!

    That's all from Business Live for Monday - thanks for reading. We're back bright and early at 06:00 tomorrow - join us then.

  2. BreakingWall Street ends higher

    Wall Street closed higher on Monday, with the Dow Jones Industrial Average and S&P 500 hovering near record highs amid upbeat corporate results. 

    The Dow rose 0.1%, the S&P 500 was 0.3% higher and the Nasdaq added 0.6%. 

  3. Price hike a turn-off

    More on Netflix: it seems price rises have deterred some customers. The company added 1.52 million subscribers outside the US in the second quarter, compared with analyst estimates of 2.1 million, and 160,000 subscribers in America - well short of the 532,000 predicted. 

    However, revenue rose to $1.97bn, up from $1.48bn in the same period last year. 

  4. May's pledge on foreign takeovers

    Theresa May

    In case you're wondering, this is what Theresa May said about foreign takeovers of British businesses last week.  

    It was in a speech launching her campaign for Conservative leader - a speech that was overshadowed when her rival Andrea Leadsom dropped out of the race shortly after. 

    Mrs May spoke about "transient shareholders" seeking to buy UK firms like Cadbury's and AstraZeneca.

    "It is hard to think of an industry of greater strategic importance to Britain than its pharmaceutical industry, and AstraZeneca is one of the jewels in its crown. Yet two years ago the Government almost allowed AstraZeneca to be sold to Pfizer, the US company with a track record of asset stripping and whose self-confessed attraction to the deal was to avoid tax," she said. 

    "A proper industrial strategy wouldn’t automatically stop the sale of British firms to foreign ones, but it should be capable of stepping in to defend a sector that is as important as pharmaceuticals is to Britain."  

  5. ARM sale a 'crying shame' for UK

    Will Hutton

    Economist Will Hutton says he is incredulous that the government is standing by while ARM - a British "crown jewel" - is being sold to foreign owners.

    The FTSE 100 chip designer is the UK's potential response to Google, Facebook, or Microsoft, according to Mr Hutton, who is chairman of the Big Innovation Centre, which promotes innovation in British business.

    "To see it going into Japanese hands is a great crying shame. I agree with Hermann Hauser, one of its founders, that it's a sad day for Britain and our technology and our industrial strategy," he tells BBC News.

    "If you allow a crown jewel like this to go into Japanese hands, you're left with nothing. It took 30 years to build this company. It's a fabulous company.

    "To let it go like this without a song and dance is extraordinary, it's unbelievable. I am incredulous that the Prime Minister to say what she did a week ago and then turn on a sixpence."

    Mrs May said last week she wanted the government to have more power to step in when foreign companies try to take over UK firms.

  6. BreakingNetflix tumbles

    Chris Johnston

    Business reporter

    Netflix

    Netflix shares have shed 14% in after-hours trading in New York after revealing that the streaming company added just 1.7 million subscribers in the second quarter. It had expected to add 2.5 million.

    “We are growing, but not as fast as we would like or have been,” says chief executive Reed Hastings.

  7. Osborne's political philosophy offers big messages

    Kamal Ahmed

    Economics editor

    George Osborne delivering the Margaret Thatcher Lecture

    George Osborne's Margaret Thatcher Lecture on Monday night is his most substantial attempt since he lost his job at laying out the political philosophy that guided his time as Chancellor.

    And there are a number of big messages at its heart.

    First, the government must retain fiscal responsibility if the economy is to grow and keep the faith of international investors.

    And, as the UK runs a significant trade deficit, that faith is important.

    Second, it must be "pro-business".

    Third, it should retain its enthusiasm for the "Northern Powerhouse", which he says he does not want to "let go" of.

    Fourth, it should reach out to the world, and forge as close a link "as possible" to the rest of the European Union.

    Read the rest of Kamal's blog here.

  8. France's Fnac receives green light for £900m deal

    Fnac store

    French music and book chain Fnac is another step closer to creating the country's largest electronics retailer, as it looks to better compete with online retailers like Amazon.

    France's competition regulator has approved Fnac's £900m bid to take over rival electronics retailer Darty.

    The two companies, which together have combined sales of nearly €8bn (£6.7bn), have agreed to sell six stores in the greater Paris region as part of the approval.

  9. Osborne, Cameron and Gove all spotted

    They may have left office but they are certainly not hiding away. 

    George Osborne spoke this evening at the free-market think tank, the Centre for Policy Studies, where he gave his support to the new Prime Minister.

    "Tonight, and in the future, Theresa May and the new team she has assembled will have my support. She has the strength and the integrity to do the job, as she faces up to the great challenge that lies ahead," he said.

    David Cameron was in the Commons earlier - sitting on the backbenches for the first time in more than 10 years (see below) - for the Trident debate; while Michael Gove asked a question during an earlier Commons statement on the Nice attacks.

    View more on twitter
  10. Word of the day: Resile

    George Osborne at Guildhall in London

    Anyone who has listened to George Osborne since the EU referendum will know that he is a fan of the word "resile" to describe his position on the outcome. 

    The former Chancellor used it again this evening in a speech, telling the audience: "I don’t resile from any of the concerns that I expressed in advance of that vote". 

    So what exactly does it mean?

    It has it's roots in Latin, and means: "To draw back, withdraw, or distance oneself from an undertaking, declaration, course of action, or opinion."

    So, essentially, he has no regrets. Hope that clears it up.

  11. Fiat Chrysler investigation

    Fiat Chrysler cars

    US carmaker Fiat Chrysler (FCA) is under investigation by US authorities about whether it broke securities laws. 

    The company said: "In response to press reports today, FCA confirms that it is cooperating with an SEC investigation into the reporting of vehicle unit sales to end customers in the US.  

    "In its annual and quarterly financial statements, FCA records revenues based on shipments to dealers and customers and not on reported vehicle unit sales to end customers. 

    "Inquiries into similar issues were recently made by the US Department of Justice. FCA will cooperate fully with these investigations."

    Investors are a bit jittery - shares fell sharply earlier, but have now recovered.  

  12. Yahoo's future

    Yahoo chief executive Marissa Mayer

    Yahoo reports earnings after the close of New York trading. It is also the final day for submissions for bids of its core business. 

    We're unlikely to hear anything today but the online business journal Quartz says that the most likely buyers appear to be Verizon, AT&T, Softbank, Quicken Loans cofounder Dan Gilbert backed by Berkshire Hathaway, and some private equity firms.  

    Chief executive Marissa Mayer has avoided publicly answering any questions in order to “preserve the value and integrity of the process,” says Quartz.  

  13. UK has 'robust democracy' says Osborne

    BBC economics editor Kamal Ahmed tweets:

    Former chancellor George Osborne is giving a speech at the free-market think tank - the Centre for Policy Studies. 

    View more on twitter
    View more on twitter
    View more on twitter
    View more on twitter
  14. Pokemon Gone?

    Pokemon Go player in London

    Analysts at Deutsche Bank believe the Pokemon Go fever that gripped Nintendo investors last week - doubling its share price - is a little overdone.

    “Pokemon Go is a genuine phenomenon - just after little over a week, it has added $19 billion to the value of Nintendo,” writes Deutsche Bank analyst Han Joon Kim. 

    However, he argues: "We need to see further hard evidence to model in significant further upside."

    “We think the stock price now prices in a large portion of the market share recovery story, which we believe is readily achievable from leveraging its intellectual property to some degree,” he adds. 

  15. Boys and their toys

    Star Wars storm troopers

    Shares in Hasbro have slumped by 7% in New York.

    Despite reporting better than expected earnings, investors are concerned about a slowdown in sales of toys targeted at boys, including Star Wars and Jurassic Park. 

    The "boys" category accounts for more than a third of total revenue. 

    The "sharp slowdown" in sales growth in the category was "worrisome", Jefferies analyst Trevor Young said. 

    By contrast, sales of "girls" toys, including Disney Princess and Frozen dolls, grew strongly. 

  16. Buffett buys $1.8bn 'gem of a company'

    Warren Buffett

    Billionaire investor Warren Buffett has bought a company that provides insurance for US doctors.

    Buffett's investment fund will buy Medical Liability Mutual Insurance Company, which had $1.8bn in funds last year.

    “Good things are worth waiting for," Buffett said.

    "MLMIC is a gem of a company that has protected New York’s physicians, mid-level providers, hospitals and dentists like no other for over 40 years." 

  17. Chinese billionaire denies AC Milan takeover

    AC Milan players defend a free kick against Juventus

    Chinese internet giant Baidu has denied that the firm or its billionaire boss are involved in a deal to buy Italian football club AC Milan, Bloomberg reports.

    China's state broadcaster reported that Baidu - which is the country's biggest search engine - were part of a $437m deal for the Serie A club.

    Former Italian Prime Minister Silvio Berlusconi said earlier this month that he was close to selling the seven-time European champions to a Chinese consortium.