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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Former Nissan boss Ghosn released from prison
  3. PaddyPower plans to change name
  4. Just Eat reports strong sales and profits growth

Live Reporting

By Tom Espiner

All times stated are UK

  1. Good night

    That's all for tonight from the Business Live page. Please join us again tomorrow from 06:00.

  2. Credit card penalty cycle revealed

    Kevin Peachey

    Personal finance reporter

    Credit cards

    Some credit card customers are being charged multiple fees as a result of one missed payment, the City regulator has found.

    Return payment, missing a minimum payment, and over credit limit fees could all be charged in the same financial episode.

    Multiple missed or late payments are a sign that a customer is struggling, according to the regulator, the Financial Conduct Authority (FCA). These ongoing fees simply made their financial situation worse.

    The FCA is now writing to credit card companies to remind them of their obligations to monitor these penalties and ensure people do not fall into an unnecessary cycle of debt.

  3. Wall Street closes down

    Wall Street trader

    Wall Street's main indexes were down at the close again as healthcare and energy shares slumped and investors sought reasons to buy after the market's strong rally to start the year.

    With corporate earnings season ending, investors are looking for next catalysts to drive the market, including a potential trade agreement between the United States and China and economic data, including Friday's employment report.

    The Dow Jones Industrial Average fell to 25,673.46, down 133.17 points or 0.52%.

    The S&P 500 closed at 2,774.23, a loss of 15.42 points or 0.55%.

    And the Nasdaq Composite dropped 70.44 points or 0.93% to 7,505.92.

  4. Electric cars dominate Geneva Motor Show

    Video content

    Video caption: Electric cars dominate Geneva Motor Show

    As the global car industry shows off its latest models and concept cars in Switzerland, many more vehicles than normal are electric powered.

    One key factor behind the rise in electric cars is tough new EU emissions rules, as the BBC's Theo Leggett reports.

  5. Government will audit how Eurotunnel spends £33m settlement

    Eurotunnel train

    The government will audit Eurotunnel's accounts to ensure that its £33m settlement with the firm benefits "the wider economy".

    A senior civil servant told MPs that a "binding agreement" would guarantee the money was spent on improvements to Eurotunnel's UK operations.

    Bernadette Kelly also confirmed any upgrades would not be ready for a possible no-deal Brexit this month.

    "This is not about making sure this work is done in 23 days," she said.

    Read more here.

  6. US stocks slide

    Wall Street traders

    US stocks are down as investors stay on the sidelines following a strong rally this year, awaiting fresh developments on trade.

    The S&P 500 has risen about 11% after optimism that the US and China will soon end their bitter trade row and the Federal Reserve will be less aggressive in raising interest rates.

    The Dow Jones Industrial Average is down 70 points at 25,736, the S&P 500 is down 10 points at 2,779 and the Nasdaq Composite is down 47 points at 7,529.

  7. Eurotunnel settlement 'must benefit wider economy'

    Joe Miller

    Business reporter

    The government will audit Eurotunnel’s accounts to ensure that its £33m settlement with the company is spent on projects to improve its Folkestone terminal and UK operations.

    The Department for Transport’s Permanent Secretary told the Public Accounts Committee that a “binding agreement” was in place to guarantee the money was spent in a manner that benefitted “the wider economy”.

    Bernadette Kelly did not deny that Eurotunnel was planning to proceed with some upgrades to its facilities before receiving public funds to do so.

    Ms Kelly also told MPs that the Eurotunnel agreement was not part of the DfT’s no-deal Brexit plans.

    "This is not about making sure this work is done in 23 days,” she said, referring to the date on which Britain is due to leave the EU.

    In response to questions by the committee’s chair, Labour’s Meg Hillier, Ms Kelly reiterated her confidence in the legal advice given to the Department for Transport prior to the procurement of ferry contracts in December.

    She admitted “there was legal risk in this process”, but refused Ms Hillier’s request to make the legal advice public.

    Ms Kelly insisted that the DfT was acting as an “agent for the whole of government" in securing extra freight capacity, and that it was needed to ensure the uninterrupted supply of medicines in the event of a no-deal Brexit.

    The senior civil servant also denied that any pressure was put on her by Transport Secretary Chris Grayling to award a £13.8m contract to Seaborne Freight, a contract which was cancelled after the BBC found the firm had never sailed a vessel.

    Bernadette Kelly said Seaborne was “known well in the industry” before the DfT handed them a contract.

  8. 'We knew that there was legal risk in this process'

    Bernadette Kelly

    Last week the government agreed to pay £33m to Eurotunnel to settle a lawsuit over extra ferry services in the event of a no-deal Brexit.

    Bernadette Kelly, permanent secretary at the Department for Transport, was quizzed on Wednesday by the Public Accounts Committee on the settlement.

    She said: "I had confidence that our processes were lawful, I had confidence in the legal advice I'd received... that is not a statement about whether any legal risk existed in this process. We knew that there was legal risk in this process."

    Why did the government make the settlement then?

    "We took the decision to settle because we did recognise that a risk existed that as a consequence of the court case, the court might choose to render the contracts that we had entered into ineffective.

    "Under the current circumstances, faced as we are with still possibility that a no-deal exit could happen on the 29 March, and that in a reasonable worst-case scenario, that could lead to the interruption in the supply of vital medicines into the UK. The judgement that the government took was that it was not prepared to take and bear that risk."

  9. Chris Grayling questioned about payout to Eurotunnel

    Video content

    Video caption: Transport secretary is questioned about the payout to Eurotunnel.

    The transport secretary said he won’t be resigning, as he defended the government’s £33m payout to Eurotunnel.

    Chris Grayling said the decision on Eurotunnel was made “collectively” by cabinet, as it had to be "ready for all eventualities".

    He said: "However regrettable the Eurotunnel court action was, we had to take a decision to protect the interests of the country in the circumstances of a no deal Brexit. And that’s the right thing to do."

    Eurotunnel, which operates railway services between the UK and France, says the contracts were handed out in a "secretive" way, and it was not given the chance to compete.

    Read more here.

  10. Philip Morris 'paid for Indian cigarette manufacturing'

    An anti-smoking billboard

    Philip Morris International has paid manufacturing costs to its Indian partner for years to make Marlboro cigarettes, getting around a nine-year-old government ban on foreign direct investment in the tobacco industry, Reuters reports.

    The Indian government brought the ban in in 2010 to try to help its efforts to curb smoking.

  11. Oil prices decline

    Brent crude futures

    Oil prices have fallen after optimistic output forecasts by two big US producers and a build in weekly US crude stockpiles outweighed Opec-led production cuts.

    Brent crude futures were at $65.42 per barrel, down 44 cents. US West Texas Intermediate (WTI) crude oil futures were down 89 cents at $55.67 per barrel.

  12. Bugatti unveils the world's most expensive new car

    A Bugatti

    French supercar maker Bugatti has unveiled the world's most expensive new car, sold to an unnamed buyer for at least $11m (£9.5m) before tax.

    The exact price is not being revealed, but is thought to have overtaken the previous new car record - about £8-9m for a Rolls-Royce Sweptail.

    With engine power about 20 times a Ford Fiesta, the car was built to celebrate Bugatti's 110th anniversary.

    Ferdinand Piech, grandson of Porsche's founder, is thought to be the buyer.

    Read more here.

    View more on twitter
  13. UK plans to treble offshore wind jobs

    Wind farm

    Britain plans to treble the number of skilled jobs in offshore wind energy to 27,000 by 2030, the government has said.

    The offshore wind plans will be the 10th so-called sector deal announced by the government as part of its industrial strategy.

    The idea is to intervene in key sectors to tackle weak productivity and bolster businesses ahead of Brexit.

    As part of the deal, the government will seek to boost the number of women in the industry to at least 33% of the workforce by 2030 up from around 16% currently, the Department for Business, Energy and Industrial Strategy (BEIS) said.

  14. Regulatory warning

    View more on twitter

    The Financial Conduct Authority has issued a warning about crypto-currency business Next Coin Market.

    The City regulator says this "is an illegal organisation based in Bulgaria, claiming to be an FCA authorised firm offering crypto-currencies to UK consumers".

    "We have become aware they are sending consumers a link to a fake website, which gives the impression they are authorised by the FCA, when they are not. This is criminal activity."

    The regulator is urging consumers to get in touch if they have been contacted by the firm.

  15. Wall Street stocks flat

    Wall Street

    Major US stock indexes are flat as investors wait for fresh developments on trade.

    The S&P 500 has risen 11% so far this year, on the back of optimism that the US and China will end their bitter trade row, and a toned-down outlook on future interest rate hikes from the Federal Reserve.

    Wall Street started the week on a positive note after a report that the two sides would arrive at a trade deal as early as the end of the month, but the optimism-driven rally has since fizzled out.

    The Dow Jones Industrial Average was up 6 points, or 0.02%, at 25813, the S&P 500 was down 4 points, or 0.13%, at 2786 and the Nasdaq Composite was down 15 points, or 0.20%, at 7,561.