Business live: 5 June 2015

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US shares shuffled lower in afternoon trading. The Dow Industrials closed 0.3% lower, the S&P 500 fell 0.14%. But the Nasdaq closed higher, adding 0.18%. A strong report on the US labour market raised concern that the US Federal Reserve may bring forward a rise in interest rates."This certainly puts more ammunition in the Fed's plan to start lift-off in September," said Mark Luschini, a strategist, at Janney Montgomery Scott.

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Diageo shares have surged more than 6% in New York trading. The jump is being attributed to comments by a columnist in a Brazilian newspaper. The article apparently speculates that Brazilian billionaire Jorge Paulo Lemann is considering a takeover bid for Diageo - the owner of Johnnie Walker, Baileys and many other drinks brands. It is all a bit speculative - but the shares have made a big move.

Goldman Sachs says that oil producers will continue to boost production. "We forecast that Saudi and other low-cost producers will continue to increase output as this is the next logical step to maximizing revenues in the face of shale oil's scalability," the bank said in a research note. We think Goldman means that US producers are capable of expanding production quickly if prices rise. Middle-eastern producers would rather keep prices low and snatch market share.

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It's been a volatile session for oil prices. At one stage Brent Crude fell below $61 a barrel. Prices perked up after the oil cartel Opec decided to maintain its strategy of keeping the oil market well supplied. Some had feared that Opec might raise its official output limit. But that didn't happen and Brent Crude has skipped higher - up 2% higher at $63.27 per barrel.

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Former BP executive, David Rainey (centre), has been found not guilty of lying about how much oil was spilling into the Gulf of Mexico, following the explosion of the Deepwater Horizon oil rig in April 2010. Government prosecutors accused him of deliberately understating the amount of oil escaping, when he was questioned by agents from the FBI and EPA. But Mr Rainey's lawyers said the prosecution never offered a convincing reason why he would lie to investigators.

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Apple might reduce how much it charges firms who sell products through its App store. At the moment Apple takes a 30% cut on music, video and news subscriptions sold through the online marketplace. But the Financial Times reports that Apple is discussing new commercial terms, which could be more profitable for other firms.

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Fiat Chrysler Automobiles (FCA) says the planned flotation of 10% of its luxury car division, Ferrari, will now not take place before 12 October. FCA had said the flotation would take place in the first half of 2015. Chief executive Sergio Marchionne said the share offer delay was down to unforeseen tax complications. FCA's shares were down nearly 2.5% in early afternoon trade.

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In signs of growing impatience, Greek prime minister Alexis Tsipras has said the latest proposal from the country's creditors is "absurd" and "unrealistic", and that he hopes it is withdrawn. "Time is running out for all of us," he told the country's parliament. The BBC's economics editor Robert Peston believes the latest impasse means that "the risk of Greece defaulting on its debts - and leaving the euro - has substantially increased."

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Silvio Berlusconi is in talks to sell 48% of the football club AC Milan to a Thai businessman, according to Reuters.

"Tsipras as world champ of words that fight reality? Says Greece is close to a deal with creditors, but his plan is so different from theirs"

"Betting against Tspiras's political skills has been a losing bet so far. Showing why today - smart politics to pin down opposition."

The Greek Prime Minister hopes that the latest proposal from Greece's creditors was "a bad negotiating trick" and wants it to be withdrawn.

"Tsipras is keen to spread the political risk of rejecting the Troika's latest offer by urging other parties in GR parl to speak up"

"Tsipras: Proposal from Juncker surprised me in a bad way.They proposed something which had nothing to do with 3 mths of discussion so far"

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The Greek Prime Minister is addressing his parliament. He says that Greece's proposal is the "only realistic basis" for reaching a deal. Alexis Tsipras has again rejected negotiating over pensions or increasing VAT on electricity. He says that after five years Greece needs "a solution" rather than an agreement.

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The FTSE 100 has ended the week with a sharp loss, losing 0.8% to 6,804. Retailers were among the biggest losers. Marks and Spencer fell 3.2% and Morrison Supermarkets fell 2.6%. Morrison shares were not helped by a downgrade from Deutsche Bank. Vodafone fell 2.44% after it said it was talking to Liberty Global about an exchange of assets rather than the rumoured full-blown merger.

Newsnight's economics correspondent Duncan Weldon has been speaking to Greek finance minister Yanis Varoufakis. Mr Varoufakis is clearly unimpressed with the latest offer from Greece's creditors.

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Greece's Prime Minister Alexis Tsipras is due to update parliament this evening on how talks are progressing with its creditors. Many members of the Greek ruling party, Syriza, are angry about the latest proposal from the ECB, IMF and European Commission. On Thursday Mr Tsipras said that cuts to pensions and a raise in sales tax on electricity would not be considered.

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Deutsche Bank is looking into whether Russian clients have been involved in money laundering, according to a report by Bloomberg news. The bank is investigating transactions over four years and worth around $6bn, the report said. In particular it is examining whether clients were allowed to move funds out of the country without alerting the authorities.

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Workers at Tata, represented by the union Unite, have voted to go on strike. Unite workers join members of three other unions in voting in favour of industrial action. Staff are unhappy about management's plans to raise the age at which employees can claim a full pension to 65. Union leaders will meet next week to decide on their next move.

Thanks to Russell and Chris for a fine week's work. I'm your bingo caller until 21:30 BST. I'm thinking Greece might feature between now and then. Eyes down everyone.

US shares have notched up losses in early trading. The Dow Industrials is down 0.35%, the S&P 500 is also 0.36% lower and the Nasdaq is down 0.45%. The real action is on the bond market where prices have fallen sharply, sending yields higher. For 10-year government bonds the yield hit 2.409%. Traders were reacting to that strong jobs report. "This bolsters expectations for a [interest rate] move by the Fed in September," said Mark Luschini, a strategist at Janney Montgomery Scott.

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The board of the biggest US retailer, Walmart, has elected Greg Penner as chairman. Mr Penner, who is 45, is married to a granddaughter of the founder of Walmart, Sam Walton. Mr Penner spent almost a decade investing Walton family money as head of an investment firm in Silicon Valley. He takes over from Rob Walton, 70, who has served as chairman of the board since 1992.

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"Looking at the breakdown of the May gain in payrolls, the strength was widespread. The 31,000 jobs added in retail and the 57,000 added in leisure and hospitality weren't necessarily the highest paying jobs around, but those gains do suggest that May's retail sales figures, due out next Thursday, will show consumers finally shaking off their winter blues."

Construction and health care companies drove the jobs growth in May, while lower oil prices led energy companies to shed workers for a fifth consecutive month. Average hourly wages rose by just 2.3% compared with a year earlier. Over the past three months, the US has added an average of 207,000 jobs a month - though lower than last year's average of 263,667.

The US added a higher than expected 280,000 jobs last month - the biggest gain since December - the Labor Department said. The unemployment rate rose to 5.5% from 5.4% in April as more people, particularly university graduates, entered the workforce.

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YouTube's new analytics tool reveals some surprising secrets about the world's most popular musicians. Music Insight lets artists see where their videos are being streamed, helping them plot tours and target their most fervent fans. Ed Sheeran is "big in the Phillippines", Taylor Swift has more fans in Bangkok than anywhere else in the world - while Vietnam seems to love S Club 7. More from the BBC's Mark Savage here.

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Opec's decision to maintain its existing oil production target for another six months sent Brent crude up 80 cents to $62.83 before falling back to about $62.40. US crude was up 30 cents at $58.30. Olivier Jakob at Swiss consultancy Petromatrix said: "The decision was pretty much in line with the consensus expectations. It does not really change anything from the current market situation."

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Alton Towers owner Merlin Entertainments says The Smiler rollercoaster where four people were seriously injured this week will remain closed for the foreseeable future. The Saw ride at its Thorpe Park attraction is also being closed. Merlin says it is reassessing the safety procedures of all its multi-car rollercoasters, but expects Alton Towers to re-open in the next few days. Shares in Merlin are down 1.2% at 441.3p but remain 10% ahead for the year.

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Opec will maintain its official output target at 30m barrels per day, Saudi Arabia's oil minister Ali al-Naimi said. "The ceiling is the same. You will be surprised how amicable the meeting was," he said after the meeting of the 12-nation cartel in Vienna.

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It's Europe Day on 5 live to mark the 40th anniversary of the UK's last referendum on membership of the EU (the EEC as it was). In 1975, Shetland voted to leave the EU. Since then, says Alastair Cooper, councillor on Shetland, the islands' fishing, agriculture and community projects have received between £60m and £70m in EU aid. "European money has been only part of the costs, but some of the fishing and agriculture projects would not have proceeded without European Structural Funds," he says.

The Athens stock market falls 4.5% at midday over bailout concerns after Greece delayed a debt payment to the International Monetary Fund. Financial firms are big losers, with Alpha Bank down 7.52%.

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ScottishPower is building a huge wind farm about 40km off the coast of East Anglia - at a cost of £2bn - to power about half a million homes. If you missed chief executive Keith Anderson's interview on BBC Breakfast outlining a project he says will create 3,000 jobs and involve making turbines in the UK for the first time, here's a clip.

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Greece's postponement of a debt payment to the IMF continues to overshadow the FTSE 100, which is down 0.87% at 6,7,99.61 points. The best performers are miners, with Anglo American and BHP Billiton up 1.84% and 0.64% respectively.

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Amazing how death can loosen tongues. One Australian businessman who knew Alan Bond has described him as "dishonest, immoral and unethical", the Sydney Morning Herald reports. He also recalls how Bond (pictured above with former Oz PM Bob Hawke on the right) fooled British investors by spraying sand on coastal land north of Perth with green Vermucalite to give it a faslely green hue for aerial photographs. "People thought they were buying sunny pastures by the ocean," the executive recalls.

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As Opec nations meet in Vienna today, economics correspondent Andrew Walker tells Business Live that Saudi Arabia - Opec's biggest oil producer - wants to maintain pressure on US shale companies and can live with lower oil prices for some time. "Others find it a real struggle - Nigeria, Iran, Venezuela - they're hurting rather more. Those countries do not have very deep pockets."

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The Financial Conduct Authority has appointed with Mark Steward as its new director of enforcement and market oversight. The Australian-born lawyer is the head of enforcement at the Hong Kong Securities and Futures Commission. Barbara Frohn has also become the regulator's new director of risk and compliance oversight. She is managing director of Banco Santander and has been on secondment to the Institute of International Finance in Washington DC. Both will take up their new roles in London in the early autumn.

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As part of 5 live's Europe Day to mark the 40th anniversary of the UK's EU membership vote, Peter Allen spoke to the managing director of DFDS Seaways, Sean Potter. He sums up the position of many executives who just want to get on and do business. "DFDS has been trading for over 150 years - we were trading before the EU and we will be trading after the EU. Trade is trade, it moves."

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We get the latest US unemployment figures at 1330 today. Economics correspondent Andrew Walker tells Business Live that the US still has high levels of under-employment - people who are working fewer hours than they would like - that are running at about double the headline unemployment rate of 5.4%. That is one reason why the Federal Reserve has been "a bit slow to squeeze the trigger" on raising interest rates.

Economics editor Robert Peston has blogged on Greece deferring its IMF payment :

Quote Message: Greece has announced it is missing today's payment, and the world feels pretty much as it did yesterday. Greece in default would not necessarily mean Greece leaving the euro.

Greece has announced it is missing today's payment, and the world feels pretty much as it did yesterday. Greece in default would not necessarily mean Greece leaving the euro.

UK consumer expectations for inflation in 12 months time rose to 2.2% in May, compared with 1.9% in February, despite consumer prices falling recently for the first time in decades, according to a Bank of England survey. The quarterly poll also showed a slightly higher proportion of Britons expect interest rates to rise in the next year compared with three months ago.

Greece's decision to postpone a debt payment to the International Monetary Fund has unnerved investors, sending the FTSE 100 down 0.8%, or 56 points, to 6,802. Germany's Dax and France's Cac 40 were both down almost 1%. Tony Cross, market analyst at Trustnet Direct, said: "Markets can be justified in their unease over the situation which quite simply isn't getting any better, so this could well bring about some additional volatility." After revealing that talks with Liberty Global concerned asset swaps rather than a full merger, shares in Vodafone fell 2.3% to 242.5p.

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Npower chief executive Paul Massara has been on Today (and 5 live breakfast too) to talk about a proposal being floated by the energy company and consultants Vivid Economics to create an independent "Office for Energy" based on the Office for Budget Responsibility. He says there is uncertainty about how best to move to low carbon economy at an affordable price while keeping the light on: "We need an independent scorekeeper."

Independent/Evening Standard business editor James Ashton tweets:

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The BBC's Simon Atkinson, in Mumbai, tells Business Live that Maggi noodles are still on sale. Nestle has decided to withdraw the noodles from Indian shops amid concerns about the levels of lead - despite the company insisting they are completely safe. But Simon has been to a few grocery stores. "Shopkeepers said nobody had told them to stop selling the product - and that people were still asking for them. Some on social media say they're going to stockpile in case the withdrawal lasts for a while. Maggi noodles are extremely popular right across the country and so logistically the withdrawal sounds very hard to implement."

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Germany's Bundesbank raised its forecasts for growth in Europe's largest economy for both this year and next. It expects the economy to expand by 1.7% in 2015, up from its December estimate of 1%. That is slightly less optimistic than the government's forecast of 1.8% expansion. For 2016 the Bundesbank raised its prediction for 2016 growth to 1.8% from the previous 1.6% it had forecast in December.

The Financial Conduct Authority says its record fine on Lloyds reflects the bank's "unacceptable" treatment of customers. "If trust in financial services is going to be restored following the widespread mis-selling of PPI, then customers need to be confident that their complaints will be treated fairly," says Georgina Philippou, the FCA's acting director of enforcement. "The size of the fine reflects the fact that so many complaints were mishandled by Lloyds. Customers who had already been treated unfairly once by being mis-sold PPI were treated unfairly a second time and denied the redress they were owed."

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Vodafone has confirmed that it is in the "early stages of discussions" with Liberty Global about possible assets swaps following reports overnight. However, the mobile operator says it is not discussing a merger with John Malone's company. Voda shares are up 1.7% at 252.75p as trading gets underway in London.

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The Wall Street Journal reports that Tesco is considering selling its South Korean retail operations - its biggest outside the UK - to raise as much as £4.6bn to fund its turnaround efforts. The supermarket has hired HSBC to manage the sale process, according to people familiar with the matter.

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More from Today's interview with TransferWise co-founder Taavet Hinrikus. He was one of the first employees of Skype and worked there for seven years but wanted to prove he could make it on his own. Sir Richard Branson - pictured with Mr Hinrikus (left) and co-founder and chief executive Kristo Käärmann - has been one of the early investors in TransferWise, putting up £22m.

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Lloyds' £117m fine over the way it treated PPI customers may have been a record, but it is a drop in the ocean compared with what banks' total PPI mis-selling costs. Lloyds remains nearly 19% owned by taxpayers after being bailed out during the financial crisis. The bank has already set aside £12bn to cover the cost of compensating customers - a sizeable chunk of the £26bn the industry has put aside.

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Some of our, erm, older readers may remember Alan Bond, who has sadly died at the age of 77. The businessman helped Australia win the America's Cup in 1983, but his empire later collapsed and he was convicted in 1996 of swindling A$1.2bn (US$800m at the time) to prop up his ailing Bond Corporation. The colourful character served three years in jail for what was then Australia's biggest corporate fraud. He failed to regain consciousness following heart surgery in Perth. Read his BBC obituary here.

Lloyds says executives and managers will be hit in their pockets after the record £117m PPI fine over mishandling PPI complaints. The group bonus pool will be cut by £30m, and executive bonues totalling £2.65m will be forfeited.

Llloyds said in a statement that it "apologises for the impact on those customers affected and accepts that part of its complaint handling process led to a failure to provide fair outcomes for a significant number of customers".

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Greece may call early elections if the country's international lenders do not soften their terms for a cash-for-reforms deal, says deputy social security minister Dimitris Stratoulis. "The lenders want to impose hard measures. If they do not back down from this package of blackmail the government... will have to seek alternative solutions, elections."

The Today programme's Friday Boss guest was Taavet Hinrikus, co-founder of TransferWise. It allows individuals to - you guessed it - transfer money at fees lower than many financial institutions. Transfers are running at about £500m a month and he thinks that more and more technology companies will start to offer financial services - both start-ups like his firm, and the giants such as Google and Facebook. And Apple, of course, is about to launch Apple Pay in Europe.

Jochim Aerts, chief executive of Brussels-based cycle maker Ridley (named after director Ridley Scott, by the way) tells Wake up to Money that Europe can only take on the might of the US and China if it works together. "Europe has to be smarter, and share technology and knowledge," he says.

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One of Simon Jack's guests on Today this morning was Anne Richards of Aberdeen Asset Management. She thinks we are approaching the end game with Greece, but that any deal has to be acceptable to Greek voters to prevent the risk of another election that would further delay resolving the crisis. "We'll see some sort of fudge coming out by the end of June."

More from Adam Parsons in Brussels. He's interviewing Manchester businessman Scott Fletcher, the chairman and founder of IT business ANS. He tells Wake up to Money that he doesn't need the EU to operate successfully: "I've got access to the whole world and we don't need to be in a political union to do business."

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Wake up to Money's Adam Parsons is in Brussels gathering views on the UK's relationship with the EU. One of his guests is Olivier Van Horenbeeck, of the British Chamber of Commerce in Belgium. If the EU is so bad, how come the British economy is doing so well, he asks. "Has the EU stopped the British economy growing. It has helped provide skills and drive the economy."

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Good morning. It's Europe Day on 5 live to mark the 40th anniversary of the UK's last referendum on membership of the EU (EEC, as then). Just to get you in the mood, here are some posters from 1975. Stay with us for business reaction on the UK-EU relationship, plus plenty of other financial news. Get in touch via bizlivepage@bbc.co.uk or twitter.com/BBCBusiness.