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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Sterling falls to $1.3474
  3. East Coast mainline brought back under public control
  4. Ben Broadbent apologises for 'menopausal' comments
  5. Mitchells & Butlers and Marston's shares slide
  6. Burberry in £150m share buyback

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC Testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Thursday.

    Do join us then for all the latest breaking news and analysis from the business world.

  2. On-air talent lead 'angry' STV staff to outdoor union meeting

    On-air presenters at STV led staff from the broadcaster's Glasgow-based HQ in a demonstration of defiance over plans to make 59 job cuts.

    Bosses said loss-making STV2 would shut next month with investment shifting to the main channel and online streaming.

    Political editor Bernard Ponsonby, news anchor John MacKay and sports presenter Raman Bhardwaj were first to walk out to the outdoor meeting.

    Union official John Toner told the BBC that staff were "extremely angry".

    Video content

    Video caption: STV presenters lead news staff to outdoor union gathering
  3. Wall Street closes ahead

    Wall Street

    Wall Street shares have closed ahead, as retail and technology stocks showed positive gains.

    The Dow Jones Industrial Average ended the day at 24,769.00, a rise of 63 points or 0.25%.

    The S&P 500 closed at 2,718.18, up 7 points or 0.25%.

    And finally, the tech-heavy Nasdaq finished at 7,398.30, gaining 47 points or 0.63%.

  4. Corruption, money and Malaysia's election

    Mahathir Mohamad

    Mahathir Mohamad, 92, has just been sworn in as prime minister of Malaysia.

    It is hard to overstate what a feat this is.

    Led by Mr Mahathir, the political alliance called Pakatan Harapan - Alliance of Hope - swept to a stunning and unexpected victory in the polls, overturning 61 years of Barisan Nasional rule.

    So how did this grandfatherly figure - who has already served as prime minister between 1981 and 2003 - turn around such a massive win?

    There are two main reasons - corruption and money.

    Read more here.

  5. US says jet engine inspections must be sped up

    A journalist looks at a CFM56-7 jet engine fan blade

    The Federal Aviation Administration has ordered US airlines to speed up the inspection of older jet engine fan blades, following the incident on a Southwest Airlines flight in April that led to a passenger death.

    Airlines need to inspect fan blades with the higest risk of failure by 30 June.

    Jennifer Riordan, a mother-of-two and bank vice-president at Wells Fargo in Albuquerque, New Mexico was partially sucked out of a window of a Southwest Airlines passenger plane after an engine exploded in mid-air.

    The fan blade on the engine had a crack which had gradually grown until it fracture, causing it to break loose and shred the cover of the engine.

  6. Wendy's taunting McDonalds on Twitter

    American hamburger restaurant chain Wendy's has taken aim at McDonald's on Twitter.

    In a string of sassy tweets, Wendy's is making fun of the fact that McDonald's still uses frozen beef patties for their burgers.

    In one tweet, Wendy's shows a Big Mac that says "I don't feel so good", because it's still frozen.

    And in another tweet, Wendy's retweeted a meme comparing Wendy's to the Crabby Pattie in Spongebob Squarepants, while McDonald's is compared to the less popular Chum Bucket restaurant in the popular Nickelodeon children's cartoon.

    Apparently this is all part of Wendy's marketing campaign, which says that all of its burgers are always fresh, in light of McDonald's decision in March to start trialling the use of fresh meat in some "premium" burgers.

    View more on twitter
  7. Why is Spanish Iberico cured ham so expensive?

    A single leg of Iberico ham costs hundreds of pounds and increasing demand from China is pushing prices up.

    BBC News visited a farm in western Spain to find out why the meat is so popular.

    Video content

    Video caption: Why is the cost of meat from Spain's 'acorn pigs' going up?
  8. Are tumble dryers still a fire risk?

    BBC One

    In about 40 minutes, BBC Watchdog will broadcast its investigation into Hotpoint's Whirlpool tumble dryers, which still seem to pose a risk to consumers, despite efforts made by the manufacturer to modify them.BBC Watchdog can be viewed on BBC One at 8pm BST.

    View more on twitter
  9. London Boat Show cancelled

    London Boat Show 2019 cancelled

    The London Boat Show 2019 event, which was set to take place in January, has been cacelled.

    Organisers British Marine announced that the event was cancelled due to a lack of support from members of the the marine industry.

    It said that many exhibitors were unhappy with the event's location, duration and format.

    The event was moved from Earls Court to ExCel in 2004, but although there was initial interest, the number of visitors and exhibitors began to fall each year.

    For London Boat Show 2018, the event was changed to a five-day-long event, instead of a 10-day-long event.

  10. Closed door talks to start soon

    Mark Zuckerberg

    More on the Facebook news - the social network has confirmed that its chief executive Mark Zuckerberg will be having a meeting behind closed doors with the president of the European Parliament and leaders of various political groups.

    A follow-up public hearing is planned.

    But this later event, which is likely to be in June, will be attended by different Facebook executives.

    Read more here.

  11. Millennial railcards 'still on track', says Treasury

    A woman buying a train ticket from a ticket machine

    The Treasury says it remains "committed to making rail travel more accessible" for young people with the introduction of a railcard for 26-30 year-olds.

    But no date has been set for the full release of the so-called millennial railcard, which began a limited trial in March of 10,000 cards.

    It comes amid reports that the scheme could be shelved amid disagreement over who will fund them.

    The card was announced in the Budget in November by Chancellor Philip Hammond.

  12. 'Toxic influence'

    BBC Newsbeat

    Jameela Jamil and Kim Kardashian West
    Image caption: Jameela Jamil and Kim Kardashian West

    Jameela Jamil has called Kim Kardashian West a "toxic influence" for posting an advert promoting a dieting lollipop.

    The reality TV star shared a photo of herself eating the product - which it's claimed suppresses your appetite - onto Instagram.

    Jameela, who has a social media campaign around body positivity, described her a "terrible and toxic influence on young girls".

    Kardashian West is yet to comment.

    Read more here.

  13. Systems failure at Frankfurt Airport

    Lufthansa aeroplanes at Frankfurt Airport

    A systems failure at Frankfurt Airport today has led to the grounding of 23 Lufthansa flights, affecting 2,600 passengers.

    Lufthansa said the system failure lasted for eight hours, and flight crews were required to use radios or telephones to state their position.

    Although all systems are now up and running, there remains a backlog of delayed flights.

    Harry Hohmeister, Member of the Executive Board of Deutsche Lufthansa AG and responsible for hub management told the BBC: "The system failure at Fraport had a massive impact on our customers, which we regret very much. I expect Fraport Management to get things up and running again.”

  14. BreakingOxfam chief executive to step down

    Oxfam GB's chief executive Mark Goldring and chair of trustees Caroline Thomson leave the Department for International Development
    Image caption: Oxfam GB's chief executive Mark Goldring and chair of trustees Caroline Thomson leave the Department for International Development

    Oxfam's chief executive Mark Goldring is to step down from the charity at the end of this year, following a scandal over allegations its staff hired prostitutes while working overseas in Haiti in 2011.

    Mr Goldring said in a statement: "Following the very public exposure of Oxfam's past failings, we have redoubled our efforts to ensure that Oxfam is a safe and respectful place for all who have contact with us.

    "We are now laying strong foundations for recovery. I am personally totally committed to seeing this phase through.

    "However, what is important in 2019 and beyond is that Oxfam rebuilds and renews in a way that is most relevant for the future and so continues to help as many people as possible around the world build better lives.

    "I think that this journey will best be led by someone bringing fresh vision and energy and making a long-term commitment to see it through."

  15. London closes slightly ahead

    London Stock Exchange

    London shares have closed slightly ahead, thanks to gains in a wide range of stocks.

    The FTSE 100 ended 11.2 points or 0.2% higher to 7,734.20, led by bookmakers Paddy Power, rising 4.8% to £82.50 on the news that it is in talks to merge with US fantasy sports site Fan Duel, after Supreme Court overturned a Federal law banning sports betting on Monday.

    Meanwhile, the FTSE 250 closed 48.9 points or 0.2% ahead to 20,828.79. Top of the winners was emergency home insurance provider Homeserve, climbing 9.3% to 828.5p after UBS upgraded its recommendation to "buy".

  16. Is there a problem with the bidding process?

    Theo Leggett

    BBC Business News Reporter

    East Coast train

    To have one rail company fail to fulfill its contract may be regarded as a misfortune. To lose three looks like carelessness.

    The government insists that the East coast route is not failing, and will continue to generate substantial revenue for the public purse.

    It says Stagecoach and Virgin have only themselves to blame for their inability to make any money from the line. As Mr Grayling said, “they got their bid wrong, and paid the price”.

    That may be true. But critics have suggested that if operators keep overbidding, then that suggests a problem with the bidding process.

    The assumptions made by the Department of Transport (DfT) when inviting bids have also been widely questioned.

    Now the DfT wants to use the line as a model for a new type of franchise, based on a public-private partnership.

    That may help to solve some issues – for example reducing the friction between the track operator, Network Rail and the train operator.

    But whether it will help to make the line viable for the new operator is open to question.

  17. BreakingBen Broadbent apologises to staff

    Bank of England's deputy governor Ben Broadbent

    The BBC has obtained a copy of an apology Bank of England's deputy governor Ben Broadbent posted on the BoE internal website to staff, which is separate from the public apology he made earlier today.

    In the message, he told BoE employees: "As I said in my public apology earlier this morning, I was attempting to explain the meaning of the world 'climacteric'.

    "As the journalist who was interviewing me has subsequently tweeted, I made it clear in the interview that this is a term which applies to both genders. But I recognise that while these are economic terms that have been used in the past, my use of the world 'menopausal' conveyed ageist and sexist overtones and I should not have used it.

    "I am very aware that this has offended people within the Bank and I am truly sorry for that."