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Summary

  1. Business reacts to US travel ban
  2. Former FCA acting chief executive joins Standard Chartered
  3. FTSE 100 ends Monday lower
  4. Government cuts stake in Lloyds to below 5%
  5. Weetabix signals price rise in 2017
  6. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

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Good night

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BBC

That's it for another day with Business Live. Thanks for staying with us throughout Monday.

Please join us again tomorrow morning when we'll be bringing you all the latest business and economic news from 6.00am onwards. 

US stocks give up 20,000 high

US stock market trader
Getty Images

The Dow Jones industrial average lost its high on Monday when it closed down 122.72 points at 19,971.06.

The leading US stock index smashed through 20,000 last Wednesday, propelled by US President Donald Trump's plan to cut tax and invest in infrastructure.

However, an executive order to limit travel to the US from seven Muslim- majority countries punctured optimism and led to a number of America's biggest businesses speaking about against the ban.

The S&P 500 fell 13.72 points to 2,280.90 while the Nasdaq closed down 47.07 points at 5,613.71.

Tech giants back immigration legal action

BBC New York business correspondent Michelle Fleury writes

It isn't just Microsoft that is helping Washington State's attorney general take action against Donald Trump's travel ban...  

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Microsoft supports travel ban lawsuit

Microsoft
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Microsoft is working with Washington State Attorney General's Office which is taking legal action to stop US president Donald Trump's travel ban on seven Muslim-majority countries.  

The US tech giant said it was providing information about the ban's impact "in order to be supportive. And we'd be happy to testify further if needed," a spokesman tells Reuters.

BlackRock to 'embrace values and culture'

Larry Fink
Getty Images

More reaction to Donald Trump's travel ban, this time from BlackRock, the world's biggest asset manager.

According to the Financial Times, management, including chairman and chief executive Larry Fink, told staff in a memo: "BlackRock will continue to embrace our values and culture, notwithstanding the challenges created by this order.

"Indeed, we believe that it is more important than ever that we promote our principles, which we established at the founding of our company 29 years ago, including our commitment to inclusion.

"We, of course, all want to promote security and combat terrorism, but we believe it needs to be done with respect for due process, individual rights and the principle of inclusion."

Will the US travel ban stoke extremism?

What are the consequences of US president Donald Trump's travel ban? BBC World News examines the issue... 

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Ban is 'likely to aggravate extremist beliefs' - SNP MP

Emergency debate on US immigration policy

House of Commons

Parliament

SNP MP Lisa Cameron tells the House that she worked on "violence risk assessments" before she was an MP, including "violent extremist risk assessments". This would include assessing an individual's belief systems.

She argues that "a blanket ban" such as President Trump's travel ban is "likely to aggravate extremist beliefs and attitudes".

She adds: "This order will only strengthen feelings against the United States and against the West."

BlackBerry boss blasts travel ban 'sharpness'

John Chen, chairman and chief executive of BlackBerry, has a message for US president Donald Trump...

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America, big business and immigration

It isn't just demonstrators who are against Donald Trump's travel restrictions. Some of the world's biggest companies are speaking out as well.

Trump travel ban: Starbucks, Google and Apple opposed

US unions slams Trump travel ban

Fiat Chrysler Automobiles
Getty Images

The United Automobile Workers (UAW) union which represents people in the vehicle, aerospace and agriculture industries, has joined those speaking out about Donald Trump's travel ban.

Its president Dennis Williams, says: "We are a nation of immigrants and our union would not exist if immigrants and non-immigrants alike hadn’t fought in solidarity for the rights we cherish today.

"We must protect national security while remaining true to the very values that have made us a great nation. The UAW opposes discrimination of any kind and denounces any policy that judges people based on their religion or nation of origin."

Father of Pac-Man dies

It is a sad day indeed for children of the 1980s. 

Masaya Nakamura, the founder of Bandai Namco, the company that brought the world Pac-Man, has died.

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Burns: Miss Liberty has her head in her hands

Emergency debate on US immigration

House of Commons

Parliament

Sir Simon Burns
BBC

Miss Liberty is holding her head in shame, says Conservative MP Sir Simon Burns.

He says "the ban is nasty, immoral and will not succeed".   

However he argues that "very little" will be achieved by cancelling President's Trump visit to the UK. 

Instead, he says the UK government should seek to influence the president. 

US stocks depressed in afternoon trade

US trader
Getty Images

Wall Street stocks remained down this afternoon as investors fret about the US president's immigration travel ban.

The Dow Jones industrial average remained below 20,000, dropping 0.93% to 19,907.04.

The tech-heavy Nasdaq lost 1.13% to 5,596.66, and the S&P 500 is down 1% at 2,271.52.

HBOS: A highly unusual fraud case

Andy Verity

BBC Economics correspondent

HBOS flag
Getty Images

The Halifax Bank of Scotland fraud trial is highly unusual in that senior bankers are convicted of crimes, including fraud and hiding the proceeds of crime, in the boom of irresponsible lending ahead of the 2008 crash.

The victims were the taxpayer, small business customers of the bank, and HBOS shareholders.

The implications are serious because the board of HBOS, its successor Lloyds Banking Group, the FSA, the Serious Fraud Office, and the Treasury were alerted to allegations about HBOS Reading in 2007 but repeatedly failed to investigate.

Read Andy's article in full

Snap chooses NYSE for its IPO

Snapchat app
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The owner of Snapchat is to make its stock market debut on the New York Stock Exchange, according to several media reports.

It represents a victory for the NYSE, which had been vying to host the IPO with the tech-heavy Nasdaq index. The Nasdaq had also bagged the vast majority of tech company listings in 2016.

Snap hopes its IPO will value it at as much as $25bn, sources say, which would make this the largest US technology company flotation since Facebook in 2012.  

The last tech giant to float was Twitter in 2013, also choosing the NYSE. Peer lodging app AirBnB and the music streaming service Spotify are also expected to seek listings in the coming years.

From Goldmans to travel bans

Gary Cohn (L) and Donald Trump
Getty Images

The man on the far left of this picture is Gary Cohn, chief economic adviser to US president Donald Trump.

He is watching his new boss sign an executive order that prohibits people from seven Muslim majority countries from entering the US. 

Mr Cohn used to be president and chief operating officer of Goldman Sachs.

Here is his former boss, Lloyd Blankfein, addressing Goldmans' employees on Sunday night via a voicemail.

"This is Lloyd. The president has issued an executive order that, generally, bans individuals from seven different countries from entering the United States and freezes the broader refugee program.

"This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily.

"If the order were to become or remain effective, I recognize that there is potential for disruption to the firm, and especially to some of our people and their families.  I want to assure all of you that we will work to minimize such disruption to the extent we can within the law and are focused on supporting our colleagues and their families who may be affected.

"Let me close by quoting from our business principles: “For us to be successful, our men and women must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is what we must be." Now is a fitting time to reflect on those words and the principles that underlie them.”

Ed Miliband applies for emergency debate

House of Commons

Parliament

MPs stand to show support for the emergency debate
BBC

Former Labour leader Ed Miliband makes his emergency debate request.

He calls for a debate on the need to revoke President Trump's "discriminatory and counter-productive ban" on people from seven predominantly Muslim countries and the indefinite ban on refugees.

He says there are "a host of unanswered questions".

Speaker John Bercow puts the question to the House and the sufficient number of MPs (at least 40) rise to show support for the debate.

Ed Milliband's three questions on US policy

Emergency Debate on US immigration policy

House of Commons

Parliament

Ed Miliband
BBC

Ed Miliband begins the debate by posing three questions:

  • Is it right for President Trump to impose travel restrictions on people from certain countries and refugees?
  • Will the president's actions make the world a safer place or a more dangerous place?
  • What is our responsibility?

Mr Miliband argues that the rationale behind President Trump's measures "falls apart" at the first hurdle.

Joint ministerial committee in Cardiff

Theresa May is closer on immigration to voters in Wales than Carwyn Jones, the Welsh secretary says after a Brexit meeting in Cardiff.

Read more

FTSE 100 closes lower

The FTSE 100 closed down 66 points at 7,118.48 on Monday.

Britain's biggest supermarket, Tesco, was the biggest faller, down 4.24% at 197.8p. Last week, it agreed to pay £3.7bn for grocery wholesaler Booker Group in a deal which Tesco's chief executive Dave Lewis called "low risk".

The Irish industrial group DCC ended the day as the FTSE's top gainer, up 2.1% at £63.20.

Ford condemns Trump travel ban

Ford chief executive Mark Fields (C) meets Donald Trump (L)
Getty Images

First Silicon Valley, then Wall Street and now the Detroit motor industry is adding its voice to a chorus of disapproval at Donald Trump's travel ban.

Executive chairman Bill Ford Jr, the great grandson of founder Henry Ford, and chief executive Mark Fields told workers: "We do not support this policy or any other that goes against our values as a company."

Ford has already been caught up in the US president's protectionist stance when it has cancelled plans to open a car manufacturing facility in Mexico. Instead it will add jobs to a plant in America.

When Brexit means Brexit

BBC business correspondent Jonty Bloom writes

Brexit
Getty Images

For some any Brexit is a good Brexit as they believe that we are unshackling ourselves from a rotting corpse, for others it is and always will be a failure.

But now academic experts are bringing their minds to bear on how to measure how the UK is fairing outside the EU.

To that end The UK in a Changing Europe, a think tank which promotes research in this area, has set out four economic tests against which to measure success or failure.

1. Will Brexit make the country more prosperous?

2. Will Brexit make Britain fairer?

3. Will Brexit make the UK a more or less open economy and society?

4. Will Brexit increase the democratic control of the British people over their destiny?

The trouble in measuring how good a deal is will be fraught with difficulties. If the economy continues to grow, is it because of Brexit or would it have grown faster with the UK in the EU? How do you measure fairness and can the UK reduce immigration to tens of thousands and still be a more open economy and society? Would the UK have more or less democratic control if it left the EU but stayed in the single market and had to abide by its rules?

All of this is now open for debate, it may not have the answers but The UK in a Changing Europe is trying to find the questions.

The true cost of football injuries

Manchester City v West Brom
Getty Images

Part of the fun of watching football is the often Oscar-worthy performances of "injured" players rolling around on the pitch, clutching their extremities.

Turns out, however, that these injuries cost a lot of money - £79m in fact.

Insurance broker JLT Specialty has calculated that Premier League clubs paid out more than £79m in wages to injured players during the first half of the 2016/17 season when there were 366 injuries.

Manchester City had the highest bill at £9.2m. In contrast. injuries cost AFC Bournemouth £1.1m.

However, the disparity can be explained by the difference in wages - the average cost of Man City is £539,000 while for AFC Bournemouth this was only £59,000.

HBOS to review cases following bribery verdict

HBOS
Getty Images

Six people, including two bankers who worked for HBOS, have been found guilty of bribery and fraud.

Lynden Scourfield, a former manager with HBOS, pleaded guilty to six counts including corruption. Five other defendants, including so-called turnaround consultants, were also convicted.

In exchange for bribes, Scourfield told customers to use the turnaround firm, Quayside Corporate Services.

Lloyds Banking Group, which rescued HBOS during the financial crisis said in a statement: “Today’s verdicts relate to criminal acts committed by two individuals within HBOS in conjunction with external parties more than a decade ago. These were significant and sophisticated crimes and at the time resulted in losses to HBOS estimated to total more than £245 million."

It adds: “We recognise that those impacted by these crimes go beyond just the bank and that customers of the former HBOS Reading impaired assets team may have concerns about the involvement of Quayside Corporate Services Limited with their businesses. Whilst we have fully reviewed customer concerns raised previously, we will review any new concerns on a case-by-case basis taking into account any relevant new information from the trial.

“The trial highlighted criminal actions that bear no reflection on the behaviours of the vast majority of the employees of HBOS at the time or in the croup today.”

'Not welcome' hampers fight to end extremism

Hassan Al-Damluji
Bill and Melinda Gates Foundation

Hassan Al-Damluji is one of the millions of people caught up in Donald Trump's travel ban.

He is a dual UK/Iraqi citizen with a visa to the US and, despite Boris Johnson's assurances, he is excluded from travelling to America.

He is also the head of Middle East relations at the Bill & Melinda Gates Foundation and because of the current situation, he is prevented to travelling to the US for work.

Speaking in a personal capacity, Mr Al-Damluji says: "I have dedicated my life to combating extremism through education, healthcare and economic empowerment. Despite Boris Johnson’s intervention I seem to be one of the quarter of a billion people excluded from the US."

Mr Al-Damluji, born and raised in Britain by an Iraqi father and a mother whose parents were Irish Catholics, adds: "I never thought to get Iraqi citizenship until it was made clear to me that I could only inherit my share from the sale of my great-grandfather’s property [if I did].

"So I’ve been a dual citizen for precisely one year. Apparently that’s enough time to be labelled a potential terrorist."

He says: "One of the most powerful weapons against extremism is the millions of people who have a tie to the countries affected by terrorism, but who call Britain, America and other liberal democracies their home. 

"Like many others, I am a passionate believer in the values of peace, tolerance and democracy, but I also have linguistic and cultural knowledge that makes me more effective in making the case against extremism, both at home and in the Middle East.

"Putting up a “not welcome” sign on the border of the US does not help me in this task."

Fitbit stumbles on poor growth

Fitbit
Getty Images

It may look like something out of Blake's 7 but not everyone is excited by the Fitbit. 

The maker of the wearable fitness device is cutting 6% of its workforce after it said it would report a loss in the fourth quarter and sales would fall short of forecasts. 

Fitbit had expected to report sales of between $725m-$750m but says they are now likely to reach between $572m-$580m for the final three months of the year. 

No smiling please, we're Boohoo

Boohoo
Getty Images

Tonight it's the second installment of the investigation by Channel 4's Dispatches programme looking at working conditions in clothes factories in the UK.

The programme makers went undercover and say they found workers could be penalised for minor infringements like checking the time and even smiling. 

Boohoo - the online fashion retailer in question - says the measures described in the programme are "not in line with our current policies". 

BBC Newsbeat has more details.

Article 50 bill dates announced

House of Lords

Parliament

The Chief Whip Lord Taylor of Holbeach announces the timetable for debate of the European Union (Notification of Withdrawal) Bill - the bill which would trigger Article 50

The dates are based on the assumption that the bill will arrive from the House of Commons on 8 February or 9 February.

  • Second reading: Monday 20 February and Tuesday 21 February 
  • Committee stage: Monday 27 February and Wednesday 1 March
  • Report stage and third reading: Tuesday 7 March 

The opposition chief whip Lord Bassam says he is pleased that peers will have more time to look at the details than MPs.

Dow Jones falls below 20,000

Protest
Getty Images

The Dow Jones industrial average tumbled below 20,000 as markets digested the implications of Donald Trump's travel ban

The index plunged 158.18 points to 19,935.60.

Connor Campbell, financial analyst at Spreadex, said some of the fall may be attributed to anticipation of the US Federal Reserve's rate-setting meeting on Wednesday or new non-farm payroll figures on Friday.

However, he says: "There is no doubt that the main catalyst for the drop has been the Muslim travel ban executive order from the president, not for moral reasons that have caused outrage elsewhere but instead the potential ramifications it could have for trade from the Middle East and elsewhere."

Trump's 'voice of reason' seeks help

Elon Musk might see himself as the "voice of reason" between the White House and Silicon Valley, but the Tesla chief executive still needs some advice before he meets President Trump on Friday. 

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Trump to cut regulations for businesses

Donald Trump
Getty Images

President Trump is bringing "the American dream" back to the US by reducing federal regulations for small business.

He is expected to sign an executive order on Monday that will require that for every new federal regulation proposed, two must be revoked.

Mr Trump said: "The American dream is back. We’re going to create an environment for small business like we haven’t had in many, many decades."  

He added: "This isn't a knock on President Obama, this is a knock on many presidents preceding me. This is a knock on everybody. It got particularly bad in the last eight years but it's not a knock on anybody, it is a knock on many."

Falling US stocks test 20,000 benchmark

US trader
Getty Images

Looks like the party is over..for the moment at least.

Donald Trump's tax and spending policy had sent the US Dow Jones average above 20,000 for the first time.

On Monday, however, the president's executive order to ban travel to the US from seven Muslim-majority cast a shadow and sent the blue chip index down 92.41 points to 20,001.37.

The technology-heavy Nasdaq also fell, down 38.95 points to 5,621.83 while the S&P 500 fell 14.36 points to 2,280.33.

Wall Street criticises Trump travel ban

JP Morgan
Getty Images

JP Morgan has also spoken out about Donald Trump's travel ban.

In a memo to staff, the investment bank's operating committee said: "...we want every one of you to know of our unwavering commitment to the dedicated people working here at JPMorgan Chase."

It added: "With more than 140,000 employees in the United States alone, we are grateful for the hard work and sacrifices made to keep our country safe.

"At the same time, we understand that our country, economy and wellbeing are strengthened by the rich diversity of the world around us, where we are dedicated to serving customers and communities in more than 100 countries every day.

Goldman Sachs hits out at Trump

Lloyd Blankfein
Getty Images

The growing roar of dissent against Donald Trump's travel ban has gained a surprise voice - Goldman Sachs.

Chairman and chief executive Lloyd Blankfein told staff in a voicemail on Sunday evening that "this is not a policy we support". According to the Financial Times, he added: "There is potential for disruption to the firm, and especially to some of our people and their families.”

He said the bank would “work to minimise such disruption to the extent we can within the law”.   

The Wall Street bank has been home to many in the current administration.

Gary Cohn, president and chief operating officer at Goldman is now director of the National Economic Council, former partner Steven Mnuchin has been nominated as Treasury Secretary and Steve Bannon, the president's chief strategist, was a former banker there.

But it is also a bank that takes diversity very seriously - a point made by Mr Blankfein in his message.

Fukushima core

Aerial view of Fukishima
Digital Globe

The operator of Japan's wrecked Fukushima nuclear plant says it may have located part of a reactor core that was destroyed six years ago when three reactors suffered catastrophic meltdowns following an earthquake.

Until now, there's been no trace of the destroyed cores. But the Tokyo Electric Power Corporation says video pictures sent by a remote camera show large chunks of black debris scattered at the bottom of a reactor's dry well. 

The Corporation hopes to locate and remove all radioactive material and dismantle the site - though experts say radiation levels will remain at lethal levels for decades, (and the technology to fully dismantle the reactors safely has not yet been invented).   

Will they? Won't they?

Greek government bond yields have jumped amid concerns about whether the International Monetary Fund will participate in a bailout programme.

However, on Monday Germany said it thought the IMF would take part in Greece's bailout.

Analysts said questions about the IMF's role in a further bailout increased following the leaking of a report that the Fund expects Greek debt to hit 275% of GDP by 2060.

Yields on two year Greek bonds rose to a one-month high of 8.73%.       

Money to burn?

BBC Radio 4

Why did India's prime minister ban the use of the country's most widely used bank notes?

On 8 November, the Indian Prime Minister Narendra Modi made a stunning announcement. As of midnight that day, all 500 and 1000 rupee notes would no longer be legal tender. The announcement came as a shock not only to the Indian public, but also to businesses, banks and some of Mr Modi's closest advisors.

David Aaronovitch  examines the economic impact of India's 'bonfire of the bank notes'.  

Why did India's prime minister ban the country's most widely-used bank notes?

IT fail?

BBC technology correspondent tweets

Google fund for immigrants

Google logo
Getty Images

Google is putting its money where its mouth is. The company, and a lot of its Silicon Valley fellow firms, are not at all happy with Trump's ban on immigrants from a list of Muslim countries. 

The company's CEO, Sundar Pichai and its co-founder Sergey Brin, turned up at San Francisco International Airport at the weekend to join in protests.  

Now Google has confirmed a report in USA Today that the Silicon Valley giant is setting up a fund to support immigrant rights organisations.

An initial $2m from the company can be matched by donations from employees up to a total of $4m.

Trump defends travel ban

The Trump administration is standing firm over its ban on immigration from seven countries despite court rulings and mass protests against it.

In a statement, President Trump said visas would once again be issued once "the most secure policies" were in place, and denied it was a Muslim ban.

The move has been widely condemned. Read more here 

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