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Live Reporting

By Dearbail Jordan

All times stated are UK

  1. Good night

    Test Card F

    Thank you for joining us on Business Live.

    We will be back from 6.00am on Tuesday with all the breaking business news.

  2. US shares end in the red

    At the end of a turbulent day of trading, Facebook's share price closed down 6.77% at $172.56.

    The Nasdaq finished down 137.74 points at 1.84%.

    The Dow Jones Industrial Average ended 335.60 points lower at 24,610.91.

    The S&P 500 closed 39 points lower at 2,712.92.

  3. Saudi Aramco 'to delay international listing'

    Saudi Aramco

    The Wall Street Journal is reporting that oil giant Saudi Aramco is likely to list solely in Saudi Arabia next year and will take more time to decide if it will go ahead with an international listing.

  4. All but one Dow stock closes down

    What a day for the US markets.

    Out of the 30 stocks traded on the Dow Jones Industrial Average, 29 closed down.

    And of the S&P 500's index, some 452 finished lower.

  5. Falling out of love with big tech?

    Facebook

    Facebook's stock has regained a little ground but not much - its shares are down 6.90% at $172.32.

    Jennifer Sireklove, director of responsible investing at Parametric, a Seattle-based group with $200bn in assets, says that some clients are reluctant to invest in social media and internet companies.

    "More investors are starting to question whether these companies are contributing to a fair and well-informed public marketplace, or are we becoming all the more fragmented because of the ways in which these companies are operating," she says.

  6. Tech 'rumblings' prompt profit-taking

    Stock market traders

    Commenting on the sharp fall in US technology stocks on Monday, led by Facebook, Eric Freedman, chief investment officer at US Bank Wealth Management: "Everyone knows that tech fundamentals are solid, but rumblings like what you are seeing today, that does sort of prompt people to think is this as good as it is going to get or should I take some profits here."

  7. Facebook is 'moving aggressively' over data claims

    Facebook says it is "moving aggressively to determine the accuracy" of claims that the profiles of 50 million users was harvested to build profiles of potential voters.

    It says: "We also want to be clear that today when developers create apps that ask for certain information from people, we conduct a robust review to identify potential policy violations and to assess whether the app has a legitimate use for the data. We actually reject a significant number of apps through this process."

    It adds: "Kogan’s app would not be permitted access to detailed friends’ data today."

  8. Whistleblower declines Facebook audit

    More from Facebook...

    The firm it has hired to conduct an audit of Cambridge Analytica is called Stroz Friedberg.

    It also says it has approached "other parties involved" Christopher Wylie and Aleksandr Kogan to ask them to submit to an audit as well.

    "Mr Kogan has given his verbal agreement to do so. Mr. Wylie thus far has declined."

  9. BreakingFacebook hires forensics firm for Cambridge Analytica audit

    Facebook

    CNBC reports that Facebook has hired a digital forensics firm "to conduct a comprehensive audit of Cambridge Analytica".

  10. Volvo confirms car used in Uber crash

    Volvo confirmed that a Volvo XC 90 was involved in the fatal Uber crash.

    It adds: "This was not Volvo's self-driving technology."

  11. Facebook shares slide more than 7%

    Facebook's shares are now down 7.32% at $171.55.

    The technology-focused Nasdaq remains in the doldrums, down 2.38% or 178.29 points at 7,303.70.

    The Dow Jones Industrial Average is down 1.75% or 436.51 points at 24,510.00.

    The S&P 500 has fallen 1.69% to 2,705.43.

  12. US robots 'set to take' African jobs

    Production

    Within less than two decades it will be cheaper to operate robots in US factories than hire workers in Africa, a new report warns.

    Falling automation costs are predicted to cause job losses as manufacturers return to richer economies.

    Some analysts say poorer countries could be less impacted by this trend, however the Overseas Development Institute suggests otherwise.

    Read more here.

  13. Michelin swoops on Fenner in £1.3bn deal

    Mining conveyor belt

    Here's a UK stock to watch out for in Tuesday morning trade - industrial materials group Fenner.

    Michelin, the French tyre-maker, has just announced that it has agreed a deal to buy the British engineering firm that makes conveyor belts for the mining sector in a deal valued at £1.3bn.

    Shares in Fenner rose 5.14% to 490.60p earlier today.

    It also happens to be the second engineering company in a takeover situation - GKN is the subject of a hostile takeover bid by turnaround firm Melrose.

    Michelin's chief executive Jean-Dominique Senard, says: "Mastering high-technology materials is key to creating value in the coming years. Fenner will enable Michelin to accelerate its growth in this area, and to strengthen its position as a key player in the recovering mining markets with a comprehensive offering.”

  14. Police statement on Uber collision

    Tempe Police Department said:

    Tempe Police Department
  15. Cambridge: No conflict in data research

    Computer code

    Cambridge University has issued a statement on Dr Alex Kogan who is accused of misusing users' data from Facebook.

    It says that Dr Kogan is no longer a lecturer, but rather is a senior research associate in the Department of Psychology at the university.

    It says that "it is not uncommon for Cambridge academics to have business interests" as long as they are held in a personal capacity and there are no conflicts of interest.

    Cambridge University says it had "previously sought and received assurances from Dr Kogan that no university data, resources or facilities were used as the basis for his work with Global Science Research or the company’s subsequent work with any other party".

    It says: "We have to date found no evidence to contradict Dr Kogan’s previous assurances. Nevertheless, we are writing to Facebook to request all relevant evidence in their possession."

    It adds: "Researchers are also permitted to undertake academic research outside the university provided it does not interfere with the performance of their duties. We understand that Dr Kogan correctly sought permission from his head of department at the time to work with St Petersburg University; it was understood that this work and any associated grants would be in a private capacity, separate to his work at the University of Cambridge."

  16. BreakingDow Jones drops 455.66 points

    The stock market rout in the US appears to be gathering speed.

    The Dow Jones Industrial Average has now fallen 455.66 points, or 1.83%, to 24,490.85.

  17. London markets close lower

    The FTSE 100 finished down 121.21 points, or 1.69% at 7,042.93.

    The biggest faller was software company Micro Focus which closed a torrid day down 46.35% at £10.11.

    Barclays ended as the largest riser, up 3.58% at 217p.

    The FTSE 250 ended off 109.25 points at 19,695.65.