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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Bayer wins approval to buy Monsanto
  3. Wall Street opens sharply lower
  4. Dixons Carphone shares dive on warning
  5. Pret A Manger sold to JAB Holdings
  6. Markets fall on EU turmoil

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 Wednesday.

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

  2. Italy crisis spooks Wall Street

    A Wall Street trader

    The S&P 500 and the Dow Jones suffered their biggest one day percentage drop in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the eurozone.

    Banks shares were hit hard on worries about their exposure to Italy.

    At the close, the Dow Jones was down 1.9% at 24,361.4 points, the S&P 500 lost 1.16% to 2,689.8, and the Nasdaq dropped 0.5% to 7,396.6.

  3. Brazil refuses Total licence to drill in Amazon basin

    Greenpeace protests Total drilling in the Amazon basin

    The Brazilian government has refused French oil firm Total's request to drill in the Amazon basin for a fourth time.

    Total had repeatedly applied for an environmental licence to explore the offshore basin in an area off the northern coast of Brazil, which geologists believe could contain up to 14 billion barrels of petroleum.

    In April, environmental activists Greenpeace documented the existence of coral in this area, and said that the reef near the mouth of the Amazon extends further than previously thought.

    “Now that we know that the Amazon coral overlaps the perimeter of Total’s two blocks, the Brazilian government has no choice but to deny the license for the company to explore for oil in the region,” Greenpeace said in a statement.

  4. Yahoo hacker sentenced to five years in prison

    Yahoo Mail on a smartphone

    Karim Baratov, 23, a Canadian computer hacker behind the massive Yahoo security breach, has been jailed for five years and ordered to pay a fine of $25,000.

    The FBI claims that Mr Baratov was paid to hack thousands of Yahoo email accounts by the Russian government over seven years.

    Using phishing sites, Mr Baratov tricked Yahoo Mail users into entering their login details into fake password reset pages, and then logged into the accounts to steal data from them.

    Mr Baratov claims he did not know he was working for a Russian government agency.

  5. San Francisco puts pressure on Uber and Lyft

    San Francisco City Attorney Dennis Herrera

    San Francisco's city attorney Dennis Herrera has asked ride hailing app taxi firms Uber and Lyft to present evidence over whether they classify their drivers as employees or private contractors.

    On 14 May, the California supreme court made a ruling on a case involving truck drivers and Dynamex, a same-day delivery service based in California. The truck drivers were fighting to be classed as staff, not self-employed workers.

    The court used a three-part test to determine that Dynamex's truck drivers should be considered as employees, and as a result of this ruling, the city attorney now wishes to see records on driver pay and benefits, in particular minimum wage, sick leave, health care contributions, and paid parental leave.

  6. The money-making Korean pop sensation

    Everyone’s talking about BTS.

    They’re on the lips and screens of fans all over the world.

    The Korean pop band has smashed records in real life and on social media. BBC Business looks at what this translates to in hard cash - and how they did it.

    View more on twitter
  7. Getting out the bubbly

    BBC News presenter Ben Bland brought prosecco into the studio this afternoon during BBC Business' Afternoon Live programme about wine sales peaking...

    View more on twitter
  8. BreakingMartin Sorrell buying shell company

    Martin Sorrell

    Sir Martin Sorrell, the former chief executive of advertising giant WPP, is to become chairman of financial holding company Derriston, according to Sky News.

    A source close to the situation told Sky that Derriston had provisionally agreed to acquire S4 Capital, a new company established by Sir Martin for the purpose of building a "next generation" advertising group and returning to the public market.

    An announcement of Sir Martin's plans is likely to be made on Wednesday.

    Sir Martin resigned from WPP just six weeks ago after an internal investigation into claims of personal misconduct. He ran WPP for 33 years, becoming the highest paid boss of any FTSE 100 company.

    Sir Martin is understood to be contributing £40m of his own money in the deal, while investors will provide a total of £11m to become shareholders in Derriston.

  9. Italy political crisis hits global stock markets

    Former IMF official Carlo Cottarelli is now Italy's interim prime minister

    Fears over Italy's political upheaval spread to Wall Street after Europe's financial markets closed lower.

    The prospect of fresh elections and the possibility of eurosceptic parties strengthening their position has raised concern about the eurozone's stability.

    The US Dow Jones index has shed 1.9%, coming after Italy's FTSE MIB closed down 2.7% and other main markets in Europe shed well over 1%.

    On Wall Street, JP Morgan is now down 4.8%, while Bank of America has fallen 4.5%, Citigroup is 4.3% lower, and Morgan Stanley is down by 5.8%.

    Meanwhile the S&P 500 has fallen by 1.5% to 1,680.30, and the tech-heavy Nasdaq has slipped 0.8% to 7,371.54.

  10. ABC drops Roseanne show after racist tweet

    The cast of the Roseanne show

    ABC has decided to cancel the Roseanne show following a racist tweet about former President Obama's aide Valerie Jarrett.

    Actress and stand-up comedian Rosanne Barr, 65, sparked an online backlash after calling Mrs Jarrett the child of the Islamist group the Muslim Brotherhood and the Planet of the Apes film on Twitter.

    The tweet was deleted and Ms Barr apologised today.

    Ms Barr gained fame for her starring role in the Emmy and Golden Globe award-winning TV sitcom Rosanne, which ran from 1988 to 1997. Last year it was announced that Rosanne would be revived in 2018 for eight episodes, with most of the original cast returning.

    The revival went well and finished airing on 22 May, and ABC announced that it would renew the show for another season. This plan has now been cancelled.

    View more on twitter
  11. Have we reached peak prosecco?

    Three women drinking glasses of prosecco

    The UK's thirst for prosecco may seem unquenchable, but one firm has warned slowing sales mean it could be nearing its peak.

    Last year, sales of sparkling wine in the UK rose by 5%, the smallest increase in six years, according to accountancy group UHY Hacker Young.

    The weakness of the pound against the euro meant imports cost more, it said.

    But it also warned the sheer popularity of prosecco meant it was no longer seen as aspirational or luxurious.

  12. How do you train staff in racial awareness?

    In April, a barista at a Philadelphia branch of Starbucks called the police and accused two black men of trespassing in the store since they hadn't made a purchase.

    It turned out they were just waiting to be joined for a meeting.

    Heather McGhee, the president of Demos, the group commissioned by Starbucks to do the training, explains how to train staff on racial awareness.

    Video content

    Video caption: Heather McGhee is charged with training all US Starbucks staff in racial awareness
  13. Starbucks closes 8,000 stores for anti-bias training

    Demonstrations took place outside the Starbucks in Philadelphia, Pennsylvania, on Sunday

    Starbucks has closed 8,000 stores in the US this afternoon to provide its employees with training in racial tolerance, following an incident with two black men in April in Philadelphia resulting in their arrests.

    The coffee chain appealed to customers for forgiveness after the incident sparked protests and accusations of racial profiling in the state.

    Starbucks settled the case privately with Donte Robinson and Rashon Nelson, and has offered to pay tuition fees so that they can undertake and complete undergraduate degrees at Arizona State University.

    “I’ve spent the last few days in Philadelphia with my leadership team listening to the community, learning what we did wrong and the steps we need to take to fix it,” said Starbucks chief executive Kevin Johnson.

    “While this is not limited to Starbucks, we’re committed to being a part of the solution. Closing our stores for racial bias training is just one step in a journey that requires dedication from every level of our company and partnerships in our local communities.”

  14. Where does the US get its steel from?

    In case you needed a reminder, here's a look at the top 10 countries that export steel to the US.

    Some countries have been given temporary exemptions until 1 June, including the EU, while other countries have been granted indefinite reprieves, supposedly in exchange for quotas.

    Where the US imports its steel from graph
  15. Star Citizen video game launches $27,000 players' pack

    Space simulation game Star Citizen

    Crowdfunded space simulation game Star Citizen has launched its $27,000 (£20,000) Legatus Pack, which includes nearly all its spacecraft plus extras.

    Only players who have already spent $1,000 in the game can access the pack.

    Cloud Imperium, the creators of Star Citizen, has received more than $200m in crowdfunding since launching a Kickstarter campaign for it in 2012.

    According to its website it has more than two million players, although the game itself is still in development.

  16. BreakingBayer selling off assets in 'largest ever' antitrust divestiture

    US farmer harvests genetically modified corn crops

    German drug maker Bayer has won approval from US regulators to purchase American seed and agricultural chemical giant Monsanto, on the condition that it sells off $9bn in agricultural assets and businesses to chemical company BASF, according to the Justice Department.

    Bayer is seeking to acquire Monsanto for $66bn. Following a year-long investigation, the Justice Department ruled that Bayer's sell-off of assets - the largest ever antitrust divestiture in US history - would help to "preserve competition" threatened by the merger.

    The settlement was agreed today, just after the Justice Department filed a civil antitrust lawsuit in US district court to block the Bayer-Monsanto deal.

  17. Facebook Live lands Tommy Robinson in jail

    Ex-English Defence League leader Tommy Robinson

    Former English Defence League (EDL) leader Tommy Robinson has been jailed for potentially prejudicing a court case, it can be reported.

    Robinson, who appeared in the dock under real name Stephen Yaxley-Lennon, was arrested in Leeds on Friday.

    The 35-year-old was livestreaming via his Facebook page when he was arrested for a suspected breach of the peace outside the court.

    A ban on reporting his 13-month sentence at the same court was lifted after being challenged by the media.

  18. London closes lower

    London Stock Exchange

    London shares have closed lower, thanks to investor fears over a political crisis in Italy leading to a Europe-wide sell-off of stocks.

    The FTSE 100 ended 97.6 points or 1.3% down to 7,632.64. The losers were led by NMC Health, falling 4.7% to $36.34, and Prudential, which slid 4.4% to $18.08.

    Meanwhile, the FTSE 250 closed 364 points or 1.7% lower to 20,747.03.

    Top of the losers was Bank of Georgia Group, plunging 40% to £18.72, and Dixons Carphone, which dropped 20.7% to $185.15 on the news that it is to close 92 of its 700 stores.

  19. EU 'expects' US caps on imports

    Shipping containers at a port

    The European Trade Commissioner Cecilia Malmstrom says that the governing body expects the US to impose a limit on EU exports of steel and aluminium even if it decides not to impose import duties.

    "Realistically, if the US decides to refrain from applying duties I expect them nonetheless to want to impose some sort of cap on EU exports," she told the European Parliament.

    Ms Malmstrom will meet US commerce secretary Wilbur Ross and US trade representative Robert Lighthizer in Paris tomorrow at an OECD meeting - just two days before the temporary exemption from a 25% levy on steel and aluminium exports to the US expires.

    Canada and Mexico are also on temporary exemptions that will end on 1 June, while Argentina, Australia and Brazil have secured indefinite reprieves.