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  1. Get in touch:
  2. CBS loses initial battle with key shareholder
  3. FTSE closes on a record high
  4. Wall Street boosted by oil price
  5. Brent crude hits $80 a barrel
  6. £2 stake limit set for fixed-odds betting machines
  7. Mothercare to close 50 stores and former boss to return
  8. Ocado shares surge on tech deal with Kroger

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 Friday.

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

  2. Record $21.1m sale for Chicago artwork

    The painting Past Times

    A Kerry James Marshall painting has fetched $21.1 million at auction, a record price for a work by the artist.

    Chicago's Metropolitan Pier and Exposition Authority (MPEA) sold Past Times for more than 800 times what it paid in 1997.

    The MPEA originally bought the piece for $25,000 from the Los Angeles Koplin Gallery.

    Marshall is known for painting scenes of African-American life. Read the full story here

  3. Judge pushing Wolf of Wall Street to pay back restitution

    Jordan Belfort

    Almost 20 years after his conviction, a New York federal judge is trying to get the real-life Wolf of Wall Street Jordan Belfort to pay back the money he still owes in restitution.

    Belfort was convicted in 1999 of securities fraud and money laundering. The tale of his life and crimes was made into a successful Hollywood movie starring Leonardo DiCaprio in 2013.

    Belfort was ordered to pay $110m in restitution, but so far he has only paid off about $13m. He now works as a motivational speaker.

    According to USA Today, the federal judge wants Belfort to be placed onto a regular compensation schedule. In the hearing, his lawyer agreed to do this.

  4. Wall Street closes flat

    A Wall Street trader

    Wall Street shares have closed flat as earlier gains in energy stocks were off-set by renewed trade worries thanks to President Trump's doubts over a resolution to US-China trade talks.

    The Dow Jones Industrial Average ended 55 points lower to 24,713.98.

    The S&P 500 closed 3.3 points down to 2,719.16.

    And finally, the tech-heavy Nasdaq finished 16 points lower to 7,382.47.

  5. Carluccio's likely to close 34 stores


    Troubled Italian restaurant chain Carluccio's has put together a company voluntary agreement (CVA) to help it restructure the business.

    Carluccio's is seeking approval from landlords to reduce rents for a period of six month, in addition to closing 34 branches of the restaurant.

    Landlords will be voting on the rescue plan on 31 May.

    "Regrettably, this is the only course of action available and if approved will safeguard the future of the group, protecting this strong core business," Carluccio's chief executive Mark Jones said in a statement seen by PA.

    "It is therefore in the best interests of the company, its people, its creditors and its customers."

  6. Drone technology firm in hot water

    Delta Airlines

    A US military drone manufacturer is in hot water with the US government after it was discovered that the company took a drone laden with explosives onto a consumer passenger jet.

    A complaint made with California's Superior Court in Los Angeles states that AeroVironment concealed an explosive-laden drone in a carry-on bag on a Delta Airlines flight in April 2015, according to Bloomberg.

    There were 230 civilian passengers on the aeroplane that were placed at risk, and the only reason the US government found out was because an AeroVironment employee decided to blow the whistle and tell the authorities, and he was fired by the firm for doing so.

  7. C4 News host John Snow take 25% pay cut

    Jon Snow

    Channel 4 News presenter Jon Snow has taken a 25% cut to his salary to help reduce the gender pay gap.

    Channel 4 News is made by ITN, whichreported an 18% pay gap in March. Co-host Cathy Newman said that showed "just how pervasive inequality is".

    Snowtold the Daily Mail: "ITN's not so good when it comes to equal pay, but I've taken a gender pay cut.

    "I did it as a co-operative gesture. I took the cut over two months ago." He hasn't revealed how much he is paid. Read the full story here

  8. EU moves to 'protect European firms'

    BBC World Service

    Jean-Claude Juncker

    More from our colleagues on the World Service, now ...

    The European Union (EU) is activating legislation to nullify US sanctions against European companies trading with Iran.

    The President of the European Commission, Jean-Claude Juncker, said the process would begin on Friday.

    He said the EU had a duty to protect European firms, with trade of £17bn a year at stake.

    The mechanism is a blocking statute first drawn up in 1996 to counter US sanctions against Cuba. It will need revising and has never been tested.

    In theory, it prohibits EU companies and courts from complying with US sanctions and invalidates judgements in foreign courts.

    European leaders are trying to salvage the Iran nuclear deal that President Trump has abandoned.

  9. Feeling flat, lacking fizz?

    BBC World Service

    A small German brewery has been told to stop describing its beer as wholesome on the label, reports BBC World Service.

    The Haerle brewery in the southern German town of Leutkirch had argued that the word was simply an indication of quality. But the federal court of justice upheld a lower court's judgement that it had connotations of health benefits.

    A similar ruling already applies to wine.

    The definitive verdict could spare the brewer Gottfried Haerle from writer's cramp: while appealing the earlier ruling he used a felt-tip pen to strike out the word on thirty-thousand labels.

  10. PayPal in 'advanced talks' to buy iZettle

    Paypal logo

    PayPal is apparently "in advanced talks" to purchase Swedish payments firm iZettle, sources have told Sky News.

    It is thought that PayPal could announce its intentions to buy as soon as Friday, however, the deal could still fall apart, people close to the talks told Sky.

  11. Trump doesn't think US-China trade talks will go well

    US and China flags

    President Donald Trump has apparently said that he doubts the ongoing trade talks between the US and China will produce a satisfactory result, CNBC is reporting.

    A Chinese delegation, including China's top economic envoy Vice Premier Liu He, is currently in Washington DC for talks with US officials.

    More information to follow.

  12. SEC launches 'fake' ICO to warn consumers

    The SEC's fake "Howeycoins" website features a special "Pre-ICO sale"

    The US Securities and Exchange Commission has set up a fake initial coin offering (ICO) website to warn the public about the risks of investing in cryptocurrencies.

    A growing number of tech companies are raising funds through initial coin offerings - issuing their own digital currencies for investors to buy.

    However these virtual currencies are completely unregulated, and fraudsters can easily take advantage to create fake ICOs to rip people off, or "pump and dump" scams, whereby fraudsters spread rumours and false information about potential ICOs in the hope of boosting a company's share price, and then selling the shares at a profit.

    The SEC's "Howeycoins" website reads like many ICO websites. It tells investors that it is the only coin offering to capture "the magic of coin trading profits and the excitement and guaranteed returns of the travel industry".

    When users try to purchase coins, they are then directed to the SEC's website warning investors how to spot red flags.

    View more on twitter
  13. How do you feed 10,000 people at once?

    BBC World Service

    In a nod to the British royal wedding, BBC's the Food Chain super-sizes this week as we explore cooking on a grand scale...

    View more on twitter
  14. China car app Didi updates safety measures after murder

    The Didi Chuxing app is the world's most popular ride-hailing service

    China's leading car-hailing firm is overhauling its service following the murder of one of its users.

    It is suspending its carpooling service at night, while it is considering making an audio recording of all journeys.

    The proposals were made 10 days after a 21-year-old air stewardess was killed after booking a ride via Didi Chuxing's Hitch app in the city of Zhengzhou.

    The government had accused the firm of putting profit before passenger safety.

  15. Fox News appoints its first female chief executive

    Suzanne Scott

    21st Century Fox has appointed Suzanne Scott as the new chief executive of Fox News and Fox Business Network.

    Ms Scott will be the first ever female chief executive of Fox News. She has been with the network since it started almost 22 years ago, and was most recently the president of programming for Fox News and Fox Business.

    “Suzanne has been instrumental in the success of Fox News and she has now made history as its first female CEO," said Lachlan Murdoch, who was yesterday named chief executive and chairman of the new company to be formed from the sale of Fox assets to Disney.

    "Her vision and innovation have helped create some of the most popular and lucrative prime-time programs on cable and as we embark on the era of the proposed New Fox, I am confident that Suzanne’s leadership will ensure the dominance of both Fox News & FBN for years to come.”

  16. CBS shares tumble on shareholder court ruling

    CBS logo

    Shares in CBS have fallen 5% after a judge in Delaware lifted a temporary restraining order preventing Redstone family-owned National Amusements - a key shareholder - from interfering with the board of CBS, which is considering a merger with rival Viacom.

    CBS had sued Shari Redstone, saying she had been interviewing replacement candidates for chief executive and that there was a real fear she could sack the board, if not prevented from doing so.

    National Amusement is seeking to change the CBS bylaws requiring a super majority vote to issue a dividend.

    Lawyers for CBS are now rushing to challenge this move, but they only have until 5pm EDT (10pm BST) today, which is when the board votes on the dividend.

  17. 'Death of the bull exaggerated'

    Bull and little girl statue

    According to Laith Khalaf, a senior analyst at Hargreaves Lansdown, naysayers have been proven wrong by London stocks closing on a high.

    “The death of the bull market has been greatly exaggerated, not for the first time in recent history. The Footsie did endure a shaky start to the year, but after two months of steady climbing, has now regained and surpassed its previous high," he said.

    "A stronger dollar, a rising oil price and the postponement of an interest rate rise can all claim some credit for the recent strong showing from the stock market.

    "Investing is of course a long term game, and the twists and turns along the way are less important than the final destination. There will come a time when the stock market will tumble again, at which point investors should take it in their stride and look beyond the immediate situation.”

  18. YouTube unveils new music streaming service

    YouTube Music app

    YouTube is launching a music streaming service, offering both videos and audio tracks, in an attempt to compete with the likes of Spotify and Apple Music.

    YouTube Music will combine millions of "official" tracks with the vast catalogue of rarities and remixes uploaded by YouTube's users.

    Like Spotify, it will offer a free, ad-funded app, alongside premium subscriptions costing $9.99 per month.

    It will launch in five countries, including the US and Mexico, on 22 May.

  19. London closes on a record high

    London Stock Exchange

    London shares have closed on a record high, helped by British online grocery store Ocado, which saw its stock rise by up to 81% after signing a deal with US retail giant Kroger.

    The FTSE 100 had a record close, rising 53.7 points or 0.7% to 7,787.97.

    And the FTSE 250 also hit a record high, gaining 190.7 points or 0.9% to 21,019.44.

  20. Fracking planning laws should be relaxed say ministers


    Planning laws on fracking might be relaxed following a government announcement today.

    Preliminary drilling may be classed as permitted development - that's the same law that allows people to build a small conservatory.

    Ministers are also proposing a Shale Environmental Regulator and a new Planning Brokerage Service.

    Opponents of fracking say it shows the government is desperate to encourage fracking.