Business Live: Thursday 2 June

Let's go back to the winding up of BHS.

Two parliamentary groups are looking into the circumstances surrounding the chain's collapse. Here's what the chair of one of them, the Labour MP Iain Wright, has to say. 

Quote Message: Why on earth was hundreds of millions of pounds taken out of the business over many many years and then sold to somebody who was untried, inexperienced, had no idea how the retail sector went? Where did his money come from, did he take any money out of the business? There are lots of questions that we are very keen in parliament to address. from Iain Wright Chair, Commons Business Committee

Why on earth was hundreds of millions of pounds taken out of the business over many many years and then sold to somebody who was untried, inexperienced, had no idea how the retail sector went? Where did his money come from, did he take any money out of the business? There are lots of questions that we are very keen in parliament to address.

Getty ImagesCopyright: Getty Images

Wall Street closed slightly higher on Thursday.

In fact, the S&P 500 hit its highest level for seven months off the back of new figures which painted a rosier view of the economy. They showed that private employers took on more people in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter.

And while some energy and tech stocks were down, healthcare shares edged up. 

At the close of play the S&P 500 was at 2,105.26 - that's 0.28% higher. 

The Dow Jones ended the day at 17,838.56 - a rise of 0.27%.

The Nasdaq was up 0.39% at 4,971.36.

Getty ImagesCopyright: Getty Images

The Barcelona and Argentina football star, Lionel Messi - who's on trial for alleged tax fraud in Spain - has told the judge that he had no involvement in the management of his financial affairs, reports BBC World Service.

"I was playing football, I knew nothing," he said.

Messi added that he trusted his father - who is also on trial. 

The five-times footballer of the year and his father deny defrauding the Spanish tax authorities of millions of dollars by concealing earnings from image rights in off-shore accounts. They made a voluntary corrective payment of more than five-million dollars after the investigation began in 2013. The Spanish tax agency is seeking heavy fines and prison sentences.  

Amidst its worst recession in two decades, Brazil’s Congress approved late on Wednesday a wage increase to civil servants that could cost up to $15bn in four years to taxpayers.

Brazil’s current recession has been blamed by officials on the poor state of the country’s budget - but despite that claim the government of acting President Michel Temer gave his backing to the measure.

Brazil has been implementing austerity cuts in health, education, unemployment benefits and pensions that affect over 11 million people currently unemployed.

But some of the country’s richest civil servants will now get a salary boost of 16%.    

The FT is tweeting about its story that Tata Steel is prepared to keep the Port Talbot steelworks open after after the UK government offered the Indian company a multimillion-pound loan to persuade it to remain in the UK.

The Department for Business Innovation and Skills has refused to comment on the story and Tata Steel says it's speculation and that their aim is to sell the entire UK business to a responsible buyer. 

Getty ImagesCopyright: Getty Images

Annoyed with still being at work at 5pm on Friday? Spare a thought for those poor Credit Suisse bankers. They've been told to leave the office by 7pm on a Friday and not return until at least Saturday lunchtime - unless a big deal is on the go.

The Swiss bank has catchily titled the move "Protecting Friday Night" and is part of a wider drive by investment banks to stop staff defecting for jobs in other areas such as technology or private equity. 

The guidance may bring some relief for junior bankers in particular, who often work into the small hours on Fridays and at weekends. "It means you can at least make plans one night of the week," one said. 

UBS, another Swiss bank, has told staff they can take at least two hours of "personal time" a week, while JPMorgan wants its investment bank staff to take weekends off - unless they were working on a major deal, of course. 

Getty ImagesCopyright: Getty Images

In case you missed how shares in London did today - here's an update. 

London's main share index, the FTSE 100, gave up early gains to close flat.

The FTSE 100 index ended the session 6.32 points lower, or 0.01%, at 6,185.61.

It had earlier been supported by oil stocks, such as BP and Shell, as the price of crude rose.

Brent crude earlier rose above $50 a barrel but slipped back as Opec oil producers failed to agree a ceiling for production.

However a short while ago it had once again gone above the $50 mark.

Let's focus on some of the other stories making the business news today ...

And BBC World Service is reporting that a meeting in Vienna of the oil producing, OPEC countries has ended without any agreement to cut output in an effort to raise prices.

A closing statement indicated that the organisation's member states were satisfied that intervention in the market wasn't required. 

The cost of a barrel of oil has slumped dramatically over the past two years.

However, a short while ago a barrel of Brent Crude had risen by 1.1% to $50.25.

BHS is the latest in a list of familiar names to disappear from the High Street. Earlier this week, Austin Reed went into liquidation with the loss of 1,000 jobs.

Woolworths, JJB Sports, Blockbuster and Comet are just some of the other companies which failed to survive the effects of the financial crisis, and the boom in online shopping.

On BBC Radio 4's Six O'Clock News, business editor, Simon Jack, analysed why BHS could not be saved.

The BHS administrators have confirmed that gift vouchers are still being accepted at stores - but only for half the value of an item. In other words, you'll need to pay £10 along with £10 from a voucher for something costing £20.

5 live presenter Colletta Smith tweets:

In one way the story of BHS is not unique. It is an everyday tale of commerce - healthy businesses thrive, sickly ones perish, the High Street evolves - that's life.

In many others it is not. It is also the story of two controversial owners.

Read more from Simon here.

Speaking of Sir Philip, Verdict Retail tweets:

BBCCopyright: BBC

Mary Portas thinks Sir Philip Green could have saved BHS:   

Quote Message: I'm surprised that Philip Green - with all the infrastructure that he had, with that business, with the Arcadia Group, with all the talent that's within the business - didn't do something with it. And actually I think it's because they've just become these big businesses without vision at the top. This required vision, and it required a bit of risk, it also required a bit of investment. from Mary Portas Retail consultant

I'm surprised that Philip Green - with all the infrastructure that he had, with that business, with the Arcadia Group, with all the talent that's within the business - didn't do something with it. And actually I think it's because they've just become these big businesses without vision at the top. This required vision, and it required a bit of risk, it also required a bit of investment.

Conlumino retail analyst Neil Saunders tweets:

Getty ImagesCopyright: Getty Images

Quote Message: It (BHS) felt downbeat so I'd have made it very much value-led. But I'd have looked at its heritage and said it's about price, but great value price in an upbeat environment, about home, about fashion, about stuff that you can get all under one roof - a micro department store but with value at the heart of it. from Mary Portas Retail consultant and broadcaster

It (BHS) felt downbeat so I'd have made it very much value-led. But I'd have looked at its heritage and said it's about price, but great value price in an upbeat environment, about home, about fashion, about stuff that you can get all under one roof - a micro department store but with value at the heart of it.