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  2. FTSE 100 closes 0.3% higher at 7,446.8 points
  3. Holland & Barrett sold to Russian billionaire
  4. Co-Op Bank no longer for sale
  5. Airbag maker Takata files for bankruptcy

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By Karen Hoggan

All times stated are UK

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Good night

That's all from Business Live for today - we are back at 06:00 on Tuesday, so do join us then and thanks for reading.

New conductor for Amtrak

Amtrak train
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The former chief executive of Delta Air Lines is swapping planes for trains.

Richard Anderson, who spearheaded Delta's growth into the world's largest airline by market value when he retired in May last year, becomes co-chief executive of Amtrak next month before alongside Wick Moorman.

When he leaves at the end of the year, Mr Anderson will take on the tough task of keeping Amtrak on the right track on his own.

Wall Street ends higher

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The S&P 500 and the Dow closed slightly higher, but a fall in technology stocks nudged the Nasdaq lower as investors turned to more defensive sectors.

The Dow Jones Industrial Average rose about 15 points to 21,409.8, the S&P 500 gained 0.76 points to 2,439.06 and the Nasdaq Composite dropped 18.1 points to 6,247.1.

'Sell now, ask questions later'

Grenfell tower
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Shares in Arconic - the company that made the cladding used on the Grenfell tower - are still down almost 6% in New York.

While the extent of Arconic's responsibility was not immediately clear, investors are taking a "sell now and ask questions later" approach, said Tim Ghriskey, chief investment officer at Solaris Asset Management in New York.

The firm has said it will continue to support UK authorities as they investigate the deadly 14 June fire in the apartment building.

The stock had earlier fallen as much as 11%.

No European vacation for GM

GM logo
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General Motors has added $1bn to the bill for selling its European operations to Peugeot. The total is now $5.5bn (£4.3bn) due to additional costs associated with the deal, chief financial officer Chuck Stevens said.

The car maker expects new vehicle sales to hit a seasonally adjusted annual rate of "low 17 million" units this year, he told analysts on Monday.

Coming up soon on BBC 1

Brexit: What's Next? producer tweets

Separate lanes proposed for self-driving cars

Hyperlane: A special lane for self-driving vehicles

A US company is proposing special lanes on roads purely for self-driving vehicles.

The Hyperlanes would be controlled by a central computer allowing self-driving cars to travel along at speeds over 100mph (160kph).

BBC Click spoke to Baiyu Chen, a co-founder of Hyperlane to find out more about how the system would work.

See more at Click's website and @BBCClick.

Tesco launches 60 minute delivery service

Tesco trolley handles
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Tesco is to launch a one-hour grocery delivery service in certain postcode districts in central London

Using the Tesco Now app, customers will be able to up to 20 items from a range of 1,000 products, including fruit and vegetables, meat, bakery goods and dairy.

Orders will be picked in a local store and delivered to customers via moped within the hour.

Tesco Now costs £7.99.

Hertz shares race ahead

Logo on Hertz office
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Shares in car hire company Hertz have soared by more than 16% amid reports it's working with Apple to manage a small autonomous vehicle fleet.

The news follows on from the earlier announcement that Avis Budget has done a deal with Google-owner Alphabet's Waymo to manage its fleet of self-driving cars (see earlier post).

Once a hack...

Following on from the earlier post, our older readers may remember that Stephanie Flanders was once of this parish:

View more on twitter

Wall Street update

Wall street sign with US flags behind
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Let's get a quick update on what's happening to shares in the US, now.

The Dow Jones is at 21,436.33, that's a rise of 42 points or 0.19%.

The S&P 500 is up 3 points or 0.12% at 2,441.21.

And the tech-heavy Nasdaq has lost earlier gains and is down 11 points or 0.18% at 6,253.94.

UK safety standards 'cut to bone'

BBC Radio 5 live

Emergency services worker in charred Grenfell Tower
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The UK's trading standards services have been "cut to the bone", making it tougher to ensure that household products are safe.

A director of the Chartered Trading Standards Institute said that local authorities are forced to make a "wicked" choice between what services they provide because of austerity.

Adam Scorer was speaking after it emerged that the Grenfell Tower fire started in a Hotpoint fridge-freezer.

He told 5 Live's Wake Up to Money that while councils were responsible for trading standards, there was no central system to relay information about products to the public.

"Consumers should be confident that most products are safe, but we do know that the regime is as strong as its weakest link," Mr Scorer said. Read more here

Employers' organisation welcomes 'first step'

The employers' organisation, the CBI, is more favourable in its response to Theresa May's plans for EU citizens.

Business will welcome these proposals as an important first step. Protecting the rights of EU citizens here and UK citizens abroad is the right priority at the outset of the negotiations, and firms will look forward to an early resolution of this issue. Both sides need to provide reassurance for millions of employees, giving certainty for businesses and starting to build real momentum to the negotiations. Companies will also expect a low-cost, speedy and simple solution to be put in place for EU citizens to establish their right to settlement in the UK.

Josh HardieCBI deputy director-general
The Conservatives and DUP sign deal in Downing Street

The deal will see the DUP support Theresa May in Parliament and £1bn extra cash for Northern Ireland.

Read more

The right tune?

Guns n Roses
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Merck Mercuriadis has managed acts including Guns n Roses

A music royalties fund spearheaded by the former manager of Sir Elton John and Beyonce has laid the groundwork for a £200m flotation.

Hipgnosis Songs Fund is planning an initial public offering (IPO) next month to buy up the copyrights to songs and artists so investors can make money from the royalty payments.

Founder Merck Mercuriadis wants to capitalise on the rise of music streaming services following a career managing a raft of superstar performers, from Guns N' Roses and Morrissey to Iron Maiden.

In the prospectus, the firm said: "Songs constantly trigger royalty income payments and produce an attractive level of income which can persist for decades and is protected by copyright law."

The fund aims to pay out a 6.5% dividend yield and will float on the London Stock Exchange, with the issuing of 200 million shares at 100p apiece.

TUC highlights concerns over PM's Brexit strategy

More reaction to the government's white paper on the rights of EU citizens living in the UK post-Brexit now - this time from the TUC. It highlights the aspects of the plan it's worried about including:

The cut-off date by which EU citizens would need to arrive to gain settled status may be a date in the past - 29 March 2017 - which the TUC says throws into doubt the "status and rights of EU citizens that have arrived since this date and those that will arrive in the future. Bad employers may use this insecurity to exploit workers," it added.

It's also worried that income records may be used as a source of evidence to prove continuous residency in the UK. "This could discriminate against workers whose employers do not provide payslips, or only pay cash in hand," it says.

Frances O'Grady
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The Prime Minister is using people as bargaining chips. It’s a shameful way to treat people who are making a valuable contribution to Britain, not least in the NHS. And it will worry Britons living in EU countries that it will provoke a bad deal for their future rights.

Frances O'GradyTUC general secretary

Football club Fiorentina could be sold

The owners of Italian Florence football club ACF Fiorentina are prepared to sell the soccer club, according to a statement on the club's website.

"The owners... are absolutely ready, in light of the dissatisfaction of supporters, to step aside and hand the club to whoever wants to buy it and manage as they see fit," the statement said.

In the meantime the club would be "managed with attention and competence by its managers", it added.

Last season Fiorentina came in eighth position in Italy's top Serie A League.

The club is owned by the Della Valle family, which includes entrepreneur Diego Della Valle, who controls luxury group Tod's.

Retail reacts to EU citizens plan

Theresa May has said she wants EU citizens living in the UK to stay after Brexit as she announced plans designed to put their "anxiety to rest".

All EU nationals living in the UK lawfully for at least five years will be granted "settled status" and be able to bring over spouses and children.

Those who come after an as-yet-agreed cut-off point will be given two years to "regularise their status".

Man seen from rear wrapped in EU flag

The UK retail industry employs approximately 120,000 EU nationals who make a huge contribution in every type of role from the boardroom to distribution centres and customer service and they deserve this early reassurance that they will still be welcome here, whatever Brexit may bring. Avoiding a cliff edge for retailers and their workforces is critical to our members, so the Government must now agree and communicate a cut-off date. It will be imperative that the new application system for settled status is as simple and accessible as possible.

Helen DickinsonChief executive, British Retail Consortium

Stephanie Flanders to move to Bloomberg

Howard Mustoe

business reporter

Stephanie Flanders

Word reaches our ears that financial news service Bloomberg is hiring Stephanie Flanders – the former BBC Economics Editor.

The news service is merging the Economics coverage of its research arm Bloomberg Intelligence with Bloomberg News. Staff were told today, two of them say. She will report to editor John Micklethwait and his deputy Reto Gregori.

Bloomberg and Ms Flanders confirmed the move to the BBC.

She said: “I've learned a huge amount at JPMorgan. But I've always wanted not just to understand the global economy, but to explain it to others. When Bloomberg's Editor in Chief asks you to help build and lead the most powerful engine of economic analysis and reporting in the world, you don't say no."

Starmer joins Privy Council

Kier Starmer
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Interesting development here. Shadow Brexit secretary Sir Keir Starmer (pictured) has been appointed to the Privy Council, meaning he can be given confidential briefings on the negotiations with Brussels.

Brexit Secretary David Davis had reportedly pressed for Sir Keir to be appointed to the body so he can receive sensitive information

The appointment - in a one-sentence statement on the Downing St website - comes a week after the formal opening of Brexit talks between the UK and Brussels.

Sir Keir, a former director of public prosecutions, has been MP for Holborn and St Pancras since May 2015 and shadow Brexit secretary since October 2016.

He joins other senior members of the Opposition who have already become a privy counsellor, including Jeremy Corbyn, John McDonnell, Emily Thornberry and Diane Abbott.

Pound rises after May reaches deal with DUP

Pound dollar intraday graph 26 June 2017
Pound euro intraday graph 26 June 2017

Sterling rose by 0.1% against the dollar and euro on Monday after Prime Minister Theresa May struck a deal to prop up the minority government.

May secured the backing of Northern Ireland's Democratic Unionist Party (DUP) and its 10 MPs after two weeks of negotiations since the Conservative Party lost its overall majority in the Commons in the election earlier this month.

Whitbread biggest climber as FTSE closes up

London Stock Exchange sign
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The FTSE 100 has closed at 7,446.80, a rise of 23 points or 0.31%.

The biggest gainer was Whitbread, whose shares rose by 2.17%, followed by BA-owner IAG, up by 2.09%.

TUI climbed by 1.5% and easyJet by 1.42%.

Three mining stocks were among the biggest fallers, with Fresnillo shedding 3.12%, Antofagasta 2.72% and Randgold 1.62%.

Google scraps ad-targeting email scans

Smartphone with messages on it
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Google's decision to stop scanning Gmail users' emails in order to target them with personalised adverts has been given a qualified welcome by privacy campaigners.

The tech firm revealed the change in a blog at the end of last week.

Google promised to make the move before the year's end to bring the consumer version of Gmail in line with its business edition.

The firm had faced much criticism over the years for the scans. Read more here

Waymo and Avis Budget strike deal

Waymo car on stage
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Waymo, the self-driving car unit of Google-owner Alphabet has done a deal with Avis Budget for the car rental firm to manage its fleet of autonomous vehicles.

Avis will provide fleet support and maintenance services for Waymo's cars.

Avis' shares rose by up to 21% on the news, althought they're now trading about 10% higher.

Alphabet's shares are about 1% lower.

Arconic shares drop

Intraday graphic for Arconic shares Monday 26 June 2017

Shares in Arconic, formerly known as Alcoa, are down by about 7% following the news that it is discontinuing global sales of Reynobond PE cladding for use in high-rise buildings.

Arconic statement

Here's the statement from the company Arconic announcing that it is discontinuing sales of Reynobond PE - which is understood to be the type of cladding used at Grenfell Tower - for use in high-rise buildings.

"Arconic is discontinuing global sales of Reynobond PE for use in high-rise applications.

"We believe this is the right decision because of the inconsistency of building codes across the world and issues that have arisen in the wake of the Grenfell Tower tragedy regarding code compliance of cladding systems in the context of buildings' overall designs.

"We will continue to fully support the authorities as they investigate this tragedy."

BreakingCladding firm halts global sales for high-rises

Firm which supplied cladding thought to have been on London's Grenfell Tower ends global sales for high-rise blocks.

Navy's biggest ever carrier set for trials

HMS Queen Elizabeth

The Royal Navy's new aircraft carrier is due to set sail for the first time from the Rosyth dockyard in Fife.

HMS Queen Elizabeth - one of two new carriers being built in the yard at a cost of more than £6bn - is to begin sea trials.

She is the largest warship ever built for the Royal Navy. Her flightdeck alone is the size of three football pitches.

Once in service she can operate with a crew of 1,000 and 40 aircraft.

The 65,000 tonne warship is the Royal Navy's first aircraft carrier since HMS Ark Royal was scrapped in 2010. Read more here

Facebook to take on TV

Facebook logo with smartphone

Facebook is in talks with Hollywood studios about producing TV shows and hopes to launch original programmes by the end of the summer, according to the Wall Street Journal.

The WSJ spoke to people who said Facebook was prepared to pay up to $3m per episode.

Facebook wants to target audiences 13 to 34-year olds, in particular those aged 17 to 30.

A relationship drama called "Strangers", a relationship drama, and a game show, "Last State Standing" are already in the pipeline, according the WSJ.

What next for Brexit?

The BBC's Europe editor Katya Adler and the BBC' economics editor Kamal Ahmed join forces for a special programme about Brexit tonight on BBC 1.

View more on twitter
View more on twitter

Wall Street starts week ahead

Wall Street sign
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Shares on the three key US stock indexes have opened higher as oil prices recover some ground after last week's falls.

Shortly after the open the Dow Jones was at 21,492.46, a rise of 98 points, or nearly 0.5%.

The S&P 500 was at 2,449.52, 11 points or nearly 0.5%.

And the tech-heavy Nasdaq was at 6,301.47, 36 points or 0.6% higher.

Not so smart sales pitch?

More on that research which shows about a fifth of UK adults don't want to have a smart meter installed in their home ...

This research suggests that there’s been a failure to sell the benefits of smart meters to the wider public. High profile issues with the cost of the rollout, as well as compatibility and data problems with the first generation of smart meters, has meant that they’ve been in the news for the wrong reasons. In principle, smart meters will help people keep a better track on their energy usage, engage more with how they use their energy, and get more accurate bills.

Peter EarlHead of energy,

Smart choice?

Smart meter, in-home display

In the UK, 5.6 million households do not want to have a smart meter fitted in their home, despite government backed plans to install one in every household by 2020, according to price comparison website

In a survey of more than 2,000 adults, 21% said they didn't want a smart meter. Their main concern appears to be related to data protection issues. Of those who said they didn't want a smart meter, 55% said they had concerns around “the way in which data is collected”.

About 6 million people have already got smart meters, and this research shows that 4.5 million wanted them to become more aware of their energy usage, while 3.7 million said it would provide them with more accurate bills.

Airline shares take off

BA planes on ground

Shares in BA owner IAG are up by 2.26% in early afternoon trade, making it the biggest climber on the FTSE 100.

EasyJet saw the second biggest gain. Its shares are up by 2.09%.

Living in LA LA land

Los Angeles skyline
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Which world city offers the best future growth prospects? According to a new survey by Schroders, it's Los Angeles.

LA tops the investment manager's Global Cities 30 index. London is in second place.

US cities take up 16 of the index's top 30 spots, with Boston, Chicago and New York occupying the rest of the top five. Apart from London, Paris is the only European city to make the top 30, coming in at number 16.

"The top ranked cities share common factors such as top universities, excellent infrastructure and pools of high-skilled workers," Schroders says.

"They also tend to be economically diverse and are highly attractive places to live, due to diverse cultural and leisure activities."

Containing the sick man of Europe

Intesa Sanpaolo
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Italy's banking sector has often been called the "sick man of Europe" but after this weekend's dramatic events, is this is an industry on its last legs?

James Butterfill, head of research & investment strategy at ETF Securities, says that 11 out of Italy's top 14 banks have non-performing loans (NPLs) above 10% of total loans. On average, Italian banks have non-performing loans of 12.6% compared to Europe's lenders with 4.7%.

There is an upside: "This is unlikely to spread the rest of Europe as most other problem countries such as Spain and Portugal have NPLs at 5.5%."

Life in the hyperlane

A special lane for self-driving vehicles

Hyperlink graphic

A US company is proposing special lanes on roads purely for self-driving vehicles. The Hyperlanes would be controlled by a central computer allowing self-driving cars to travel along at speeds over 100mph (160kph). BBC Click spoke to Baiyu Chen, a co-founder of Hyperlane to find out more about how the system would work.