That's all from us for today. Join the team from 6am tomorrow
Apple iPhones sales fall
AFPCopyright: AFP
Apple has reported quarterly results below Wall Street targets and forecast another disappointing quarter, while sales of iPhones, its most important product, declined for the first time.
Apple said it sold 51.2 million iPhones in its second fiscal quarter, down from 61.2 million in the same quarter a year ago but above analysts' estimates of about 50 million devices.
But earnings of $1.90 per share fell short of the average analyst estimate of $2 per share. Revenue of $50.56bn (34.7bn) missed expectations of $51.97bn.
Twitter revenues at low end of analysts' estimates
ReutersCopyright: Reuters
Twitter has just announced quarterly revenues at the lower end of its forecast as spending by advertisers declined. Twitter said that it had 310 million average monthly active users in the first quarter ending 31 March compared with 305 million in the fourth quarter. Revenues rose 36% from a year earlier to $594.5m (£407.7m).
Lacklustre trading on Wall Street
Wall Street markets finished nearly flat as investors absorbed a deluge of mostly solid earnings and awaited a policy statement from the Federal Reserve. Shortly after the closing bell, the Dow Jones was up less than 0.1% at 17,900.32. The broad-based S&P 500 rose 0.2% to 2,091.70, while the tech-rich Nasdaq dipped 0.2% to 4,888.31.
Maserati profits fall by two-thirds
Italian luxury carmaker sees sales pull into the slow lane
When Fiat-Chrysler spun off Ferrari earlier this year, the hope was that its remaining luxury brand Maserati could generate similar profits and prestige. But its proving to be very large shoes to fill.
Maserati saw first-quarter profits fall by two-thirds to €16m (£12m;$18m) from €36m the year earlier because of slowing sales.
The century-old Italian brand has struggled to sell its high-end cars amid a weak global economy. Vehicle sales dropped 14% in the first three months of the year to 6,295 cars.
To try to attract more buyers, the brand has launched its first sport-utility vehicle, the Levante, and is opening up more dealerships in the US and emerging markets like China.
Fiat-Chrysler itself posted better-than-expected overall profits. Earnings adjusted before interest and taxes nearly doubled to €1.38bn from €700m a year earlier due to higher sales of its Jeep and Ram trucks.
BHS buyer Chappell says he tried 'to make a difference'
Dominic Chappell, whose Retail Acquisitions bought BHS from Sir Philip Green last year, has been talking to the Financial Times about doing the deal.
"There wasn’t a single other person out there who was prepared to take this on. At least we had the balls to get off our backside and get out there and try to make a difference," he says.
In reference to the final weeks trying to save BHS from the administrators, he adds: “It’s not right, the way it’s gone.”
Wall Street markets flat in late afternoon trading
ReutersCopyright: Reuters
US stocks are flat in afternoon trading, although energy companies are climbing in tandem with the price of crude oil. The Dow Jones dipped 6 points to 17,971, while the S&P 500 rose two points to 2,089. The Nasdaq index fell 10 points to 4,886.
Trading has been light, with investors awaiting policy statements from the US and Japanese central banks.
Benchmark US crude jumped $1.40, or 3.3%, to $44.04 per barrel in New York. Brent crude gained $1.26, or 2.8%, to $45.74 a barrel in London.
Are there too many unicorns roaming the business world?
The term unicorn does not just refer to mythical horse-like creatures. These days, it also refers to mainly tech startups with a valuation exceeding a $1bn. Michael Wade is Professor of Innovation and Strategy at the IMD business school in Switzerland. He tells Alex Ritson that the high number of unicorns may be a sign of financial trouble ahead.
Reality Check
Would Brexit lead to a rise in wages?
BBCCopyright: BBC
The Claim: Leaving the European Union would lead to an increase in wages, especially for low-skilled or semi-skilled workers.
Reality Check verdict: It is possible that curbs on immigration would increase wages a little, but that effect is likely to be dwarfed by what happens to the economy as a whole.
As many as 70 jobs could be eliminated or relocated
Getty ImagesCopyright: Getty Images
It looks like the New York Times is radically scaling back in Paris.
The US publisher plans to close the headquarters of its international edition there, resulting in the loss of around 70 jobs.
The editing and pre-press print production will be moved to New York and Hong Kong as part of its efforts to "streamline its international operations and support future growth efforts," the company said.
The move comes as the newspaper looks to reduce costs and grow its digital presence amid falling circulation numbers and print advertising revenues.
The Times said in a regulatory filing it expects to pay about $13 million in relocation and severance charges.
"Without these changes, the international paper's future would be uncertain at best," an internal memo said.
"France remains a vital market for us and we will maintain a robust news bureau in Paris as well as a core international advertising office there".
Paris has been the headquarters of what was formerly the International Herald Tribune since 1887.
Greece: euro-finance ministers may need another meeting
GoogleCopyright: Google
Eurogroup head Jeroen Dijsselbloem said he will decide on Wednesday whether to hold another meeting of the eurozone's finance ministers this week to unlock bailout cash and trigger potential debt relief for Greece.
"We may possibly hold another eurogroup meeting on Thursday to finalise as many things as possible," Mr Dijsselbloem told Dutch broadcaster RTL-Z during his weekly interview on Tuesday. "But it is not definite yet. That will be decided tomorrow, because I really want to know whether it will have a chance of succeeding. Otherwise we will take more time."
Energy shares lifted the S&P 500 while the Dow and Nasdaq was little changed in early afternoon trading as investors awaited the outcome of a two-day meeting of the US Federal Reserve.
US stocks had opened slightly higher, with the Dow briefly crossing the 18,000 mark, as oil prices rose 2.9% due to a weaker dollar and hopes for an easing of the oil glut. Oil majors Exxon and Chevron were up about 1% and gave the biggest boost to the S&P 500.
The Dow Jones was up 15 points, or 0.08%, at 17,992.24, the S&P 500 was up 3.57 points, or 0.17%, at 2,091.36, and the Nasdaq was down 4.46 points, or 0.09%, at 4,891.33.
Alibaba financial unit valued at about $60bn
After record private fundraising round for an internet company
Getty ImagesCopyright: Getty Images
Ever heard of Ant Financial?
Well, you might want to pay attention because after a record fundraising round the Chinese firm is now worth roughly $60bn (£41bn).
That valuation puts it in the same league as Uber and smartphone-maker Xiaomi, which are among the world's most valuable private technology companies.
It was spun off from Chinese e-commerce giant Alibaba before the latter's record $25bn listing in New York in 2014.
Ant Financial operates China's biggest online payments platform, Alipay, as well as online wealth management and banking services. It has more than 450 million annual active users.
Banks and BP send FTSE 100 higher
BBCCopyright: BBC
The FTSE 100 finished 0.38% higher at 6,284.5 points, led by a 9.76% rise in Standard Chartered shares after the bank posted figures that impressed investors. Oil giant BP also delivered better-than-expected numbers, prompting a 4.66% rise in the stock. AstraZeneca, 2.08% lower, was the main casualty.
Outside the top flight, aerospace group Cobham fell 17.47% after it announced a profits warning and rights issue.
ExxonMobil stripped of 'AAA' rating by S&P
Concerns over the firm's debt levels and impact of falling oil price
Getty ImagesCopyright: Getty Images
ExxonMobil, the world's largest publicly-traded energy company, has lost its top credit rating for the first time since 1930.
Ratings agency Standard & Poor's downgraded it by one notch from "AAA" to "AA" citing concerns over the impact of low commodity prices and Exxon's debt level.
In a statement S&P said: "The company's debt level has more than doubled in recent years, reflecting high capital spending on major projects in a high commodity price environment and dividends and share repurchases that substantially exceeded internally generated cash flow."
The move leaves Microsoft and consumer goods giant Johnson & Johnson as the only two US companies left with a triple-A credit rating from S&P.
Lufthansa cancels flights
AFPCopyright: AFP
Lufthansa has cancelled 895 flights scheduled for Wednesday from six German airports as government workers call short-term strikes in the run-up to wage discussions later this week.
The airline said that its hubs in Munich and Frankfurt would see the most disruption. Some 87,000 passengers would be affected overall. Public-sector workers doing ground handling and security checks were expected to walk off the job ahead of wage talks on Thursday with the government.
The Verdi union is looking for a 6% pay rise for its 2 million members. Lufthansa is not part of the negotiations.
Citigroup shareholders back pay deal
ReutersCopyright: Reuters
A majority of Citigroup shareholders have voted in favour of the company's compensation of executives, and also sided with directors in rejecting a call for a special study of breaking up the big bank.
In the so-called "say-on-pay" referendum, 63.6% of votes were cast to approve 2015 compensation awards, according to a preliminary count announced by the company at its annual general meeting in Miami.
In another vote, only 3.5% of votes cast were in favor of a break-up study.
Live Reporting
Russell Hotten
All times stated are UK
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Latest PostThe 'king of the High Street's' biggest challenge
How Sir Philip went from petrol station to retail empire, and ruffled some feathers along the way.
Read morePost update
That's all from us for today. Join the team from 6am tomorrow
Apple iPhones sales fall
Apple has reported quarterly results below Wall Street targets and forecast another disappointing quarter, while sales of iPhones, its most important product, declined for the first time.
Apple said it sold 51.2 million iPhones in its second fiscal quarter, down from 61.2 million in the same quarter a year ago but above analysts' estimates of about 50 million devices.
But earnings of $1.90 per share fell short of the average analyst estimate of $2 per share. Revenue of $50.56bn (34.7bn) missed expectations of $51.97bn.
Twitter revenues at low end of analysts' estimates
Twitter has just announced quarterly revenues at the lower end of its forecast as spending by advertisers declined. Twitter said that it had 310 million average monthly active users in the first quarter ending 31 March compared with 305 million in the fourth quarter. Revenues rose 36% from a year earlier to $594.5m (£407.7m).
Lacklustre trading on Wall Street
Wall Street markets finished nearly flat as investors absorbed a deluge of mostly solid earnings and awaited a policy statement from the Federal Reserve. Shortly after the closing bell, the Dow Jones was up less than 0.1% at 17,900.32. The broad-based S&P 500 rose 0.2% to 2,091.70, while the tech-rich Nasdaq dipped 0.2% to 4,888.31.
Maserati profits fall by two-thirds
Italian luxury carmaker sees sales pull into the slow lane
When Fiat-Chrysler spun off Ferrari earlier this year, the hope was that its remaining luxury brand Maserati could generate similar profits and prestige. But its proving to be very large shoes to fill.
Maserati saw first-quarter profits fall by two-thirds to €16m (£12m;$18m) from €36m the year earlier because of slowing sales.
The century-old Italian brand has struggled to sell its high-end cars amid a weak global economy. Vehicle sales dropped 14% in the first three months of the year to 6,295 cars.
To try to attract more buyers, the brand has launched its first sport-utility vehicle, the Levante, and is opening up more dealerships in the US and emerging markets like China.
Fiat-Chrysler itself posted better-than-expected overall profits. Earnings adjusted before interest and taxes nearly doubled to €1.38bn from €700m a year earlier due to higher sales of its Jeep and Ram trucks.
BHS buyer Chappell says he tried 'to make a difference'
Dominic Chappell, whose Retail Acquisitions bought BHS from Sir Philip Green last year, has been talking to the Financial Times about doing the deal.
"There wasn’t a single other person out there who was prepared to take this on. At least we had the balls to get off our backside and get out there and try to make a difference," he says.
In reference to the final weeks trying to save BHS from the administrators, he adds: “It’s not right, the way it’s gone.”
Wall Street markets flat in late afternoon trading
US stocks are flat in afternoon trading, although energy companies are climbing in tandem with the price of crude oil. The Dow Jones dipped 6 points to 17,971, while the S&P 500 rose two points to 2,089. The Nasdaq index fell 10 points to 4,886.
Trading has been light, with investors awaiting policy statements from the US and Japanese central banks.
Benchmark US crude jumped $1.40, or 3.3%, to $44.04 per barrel in New York. Brent crude gained $1.26, or 2.8%, to $45.74 a barrel in London.
Bad news/good news
BBC business editor Simon Jack tweets:
BHS: About 50 expressions of interest from possible buyers
After talking to BHS's administrators, BBC business editor Simon Jack tweets:
Are there too many unicorns roaming the business world?
The term unicorn does not just refer to mythical horse-like creatures. These days, it also refers to mainly tech startups with a valuation exceeding a $1bn. Michael Wade is Professor of Innovation and Strategy at the IMD business school in Switzerland. He tells Alex Ritson that the high number of unicorns may be a sign of financial trouble ahead.
Reality Check
Would Brexit lead to a rise in wages?
The Claim: Leaving the European Union would lead to an increase in wages, especially for low-skilled or semi-skilled workers.
Reality Check verdict: It is possible that curbs on immigration would increase wages a little, but that effect is likely to be dwarfed by what happens to the economy as a whole.
Read the full Reality Check here.
New York Times to downsize in Paris
As many as 70 jobs could be eliminated or relocated
It looks like the New York Times is radically scaling back in Paris.
The US publisher plans to close the headquarters of its international edition there, resulting in the loss of around 70 jobs.
The editing and pre-press print production will be moved to New York and Hong Kong as part of its efforts to "streamline its international operations and support future growth efforts," the company said.
The move comes as the newspaper looks to reduce costs and grow its digital presence amid falling circulation numbers and print advertising revenues.
The Times said in a regulatory filing it expects to pay about $13 million in relocation and severance charges.
"Without these changes, the international paper's future would be uncertain at best," an internal memo said.
"France remains a vital market for us and we will maintain a robust news bureau in Paris as well as a core international advertising office there".
Paris has been the headquarters of what was formerly the International Herald Tribune since 1887.
Greece: euro-finance ministers may need another meeting
Eurogroup head Jeroen Dijsselbloem said he will decide on Wednesday whether to hold another meeting of the eurozone's finance ministers this week to unlock bailout cash and trigger potential debt relief for Greece.
"We may possibly hold another eurogroup meeting on Thursday to finalise as many things as possible," Mr Dijsselbloem told Dutch broadcaster RTL-Z during his weekly interview on Tuesday. "But it is not definite yet. That will be decided tomorrow, because I really want to know whether it will have a chance of succeeding. Otherwise we will take more time."
Athens still needs to deliver crucial reforms in order to unlock more bailout cash.
Wall Street treads water ahead of Fed news
Energy shares lifted the S&P 500 while the Dow and Nasdaq was little changed in early afternoon trading as investors awaited the outcome of a two-day meeting of the US Federal Reserve.
US stocks had opened slightly higher, with the Dow briefly crossing the 18,000 mark, as oil prices rose 2.9% due to a weaker dollar and hopes for an easing of the oil glut. Oil majors Exxon and Chevron were up about 1% and gave the biggest boost to the S&P 500.
The Dow Jones was up 15 points, or 0.08%, at 17,992.24, the S&P 500 was up 3.57 points, or 0.17%, at 2,091.36, and the Nasdaq was down 4.46 points, or 0.09%, at 4,891.33.
Alibaba financial unit valued at about $60bn
After record private fundraising round for an internet company
Ever heard of Ant Financial?
Well, you might want to pay attention because after a record fundraising round the Chinese firm is now worth roughly $60bn (£41bn).
That valuation puts it in the same league as Uber and smartphone-maker Xiaomi, which are among the world's most valuable private technology companies.
It was spun off from Chinese e-commerce giant Alibaba before the latter's record $25bn listing in New York in 2014.
Ant Financial operates China's biggest online payments platform, Alipay, as well as online wealth management and banking services. It has more than 450 million annual active users.
Banks and BP send FTSE 100 higher
The FTSE 100 finished 0.38% higher at 6,284.5 points, led by a 9.76% rise in Standard Chartered shares after the bank posted figures that impressed investors. Oil giant BP also delivered better-than-expected numbers, prompting a 4.66% rise in the stock. AstraZeneca, 2.08% lower, was the main casualty.
Outside the top flight, aerospace group Cobham fell 17.47% after it announced a profits warning and rights issue.
ExxonMobil stripped of 'AAA' rating by S&P
Concerns over the firm's debt levels and impact of falling oil price
ExxonMobil, the world's largest publicly-traded energy company, has lost its top credit rating for the first time since 1930.
Ratings agency Standard & Poor's downgraded it by one notch from "AAA" to "AA" citing concerns over the impact of low commodity prices and Exxon's debt level.
In a statement S&P said: "The company's debt level has more than doubled in recent years, reflecting high capital spending on major projects in a high commodity price environment and dividends and share repurchases that substantially exceeded internally generated cash flow."
The move leaves Microsoft and consumer goods giant Johnson & Johnson as the only two US companies left with a triple-A credit rating from S&P.
Lufthansa cancels flights
Lufthansa has cancelled 895 flights scheduled for Wednesday from six German airports as government workers call short-term strikes in the run-up to wage discussions later this week.
The airline said that its hubs in Munich and Frankfurt would see the most disruption. Some 87,000 passengers would be affected overall. Public-sector workers doing ground handling and security checks were expected to walk off the job ahead of wage talks on Thursday with the government.
The Verdi union is looking for a 6% pay rise for its 2 million members. Lufthansa is not part of the negotiations.
Citigroup shareholders back pay deal
A majority of Citigroup shareholders have voted in favour of the company's compensation of executives, and also sided with directors in rejecting a call for a special study of breaking up the big bank.
In the so-called "say-on-pay" referendum, 63.6% of votes were cast to approve 2015 compensation awards, according to a preliminary count announced by the company at its annual general meeting in Miami.
In another vote, only 3.5% of votes cast were in favor of a break-up study.