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Summary

  1. Comcast and Time Warner Cable deal collapses
  2. HSBC mulls leaving London again
  3. Government shifts another £586m Lloyds shares

Live Reporting

By Tom Espiner

All times stated are UK

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That's all from the Business Live page for today, folks. HSBC is pondering whether

to move its headquarters out of the UK. Greece's debt deal
faces "big, big problems", according to Eurogroup head Jeroen Dijsselboem, but the clock keeps ticking. And Comcast's deal to merge with Time Warner Cable has collapsed after anti-competition regulators expressed concerns. Have a good weekend.

Harley Davidson recall

Logo
Getty Images

Harley-Davidson is recalling almost 46,000 motorcycles in the US because of potentially faulty clutches. The problem was found through customer complaints. Harley reported 27 crashes and four minor injuries.

Flash crash

Trader Navinder Singh Sarao, who is accused of illegally manipulating the stock market in the US and contributing to the 2010 Wall Street 'flash crash', hasn't paid bail, and will therefore be remanded in custody over the weekend, according to Westminster Magistrates Court.

HSBC HQ move?

Shareholders at HSBC's annual general meeting were divided on whether

the bank should move its headquarters. "I would prefer them to stay here really," said Gesila Wright. Another shareholder, Dr Diamond, said he was in favour of a move as it may save the bank money and would "teach the politicians that you can't keep hitting the bankers every time you need additional taxation."

General Motors boss

Mary Barra
Getty Images

Mary Barra, the chief executive of General Motors, had a pay package of $15.8m (£10.8m) in 2014, according to a US Securities and Exchange Commission filing. Ms Barra became GM's boss on 15 January. Almost immediately, the firm was hit with a series of safety recalls that led to congressional hearings, a Justice Department investigation, and a $35m fine from US safety regulators. The recalls included 2.6 million small cars with defective ignition switches that caused numerous crashes. So far, the company has agreed to pay compensation in 87 death cases and for 157 injuries.

Greek debt talks

Angela Merkel
EPA

German Chancellor Angela Merkel said she hopes that Greece can reach a deal quickly. "On the German side, we are prepared to provide all the support that is asked of us. But of course reforms must be done," Ms Merkel said at a campaign event.

Greek debt talks

Yanis Varoufakis
Getty Images

While Jeroen Dijsselbloem said Greece's finance minister Yanis Varoufakis (pictured) had come in for criticism at today's latest round of debt talk, Mr Varoufakis sought to portray the discussions in a more positive light. We look at the last few weeks and what we see is convergence," he said, noting progress on issues such as privatisation, tax reform, the judiciary, bureaucracy and product markets. A deal will happen, he added, "and will happen quickly as it's the only option we have." Mr Varoufakis said the main sticking points related to pensions and the level of the budget surplus Athens has to post after debt and interest payments are stripped out.

Lily Cole

World Service

Lily Cole
Reuters

World Business Report has an

interview with model and entrepreneur Lily Cole who talks about the challenges to business in constructing ethical supply chains.

Greece debt talks

Jeroen Dijsselbloem
AP

Greece's finance minister Yanis Varoufakis came in for criticism from Euro area finance ministers at a meeting in the Latvian capital of Riga, with no deal yet hammered out between Greece and its EU and IMF creditors. "It was a very critical discussion," said Jeroen Dijsselbloem (pictured left), the eurozone's top official, after the meeting. Other eurozone finance ministers spoke of being "tired" and "annoyed" with the way the talks are going. The next possible date for a deal could be May 11, only one day before Greece owes a €750m (£536m) payment to the IMF.

Tesco shares

Tesco shares
BBC

Tesco shares have fallen after ratings agency Fitch downgraded the supermarket giant's long-term rating to BB+ from BBB-. "The downgrade reflects a weakening outlook for the group's near term profitability in its core UK operations relative to our prior expectations," the agency said. Tesco shares have fallen more than 1% since the beginning of the day.

American Airlines

American Airlines plane
AP

American Airlines Group expects its passenger unit revenue (which is passenger revenue divided by available seat miles) to fall between 4% and 6% this quarter, chief financial officer Derek Kerr has said in an investor call, with the largest drops in the Pacific and Latin America. But the airline's first quarter results today beat analyst expectations, with earnings of $932m (£615m), nearly double its profit compared with the same period a year earlier.

Comcast deal collapse

Eric Holder
AP

The US Department of Justice has said that the collapse of the proposed merger between Comcast and Time Warned Cable is "a victory". "This is a victory not only for the Department of Justice, but also for providers of content and streaming services who work to bring innovative products to consumers across America and around the world," said US attorney general Eric Holder. "The Department of Justice will continue to fight for fair access and free competition in every industry and every market," he added.

HSBC headquarters move?

HSBCs City of London branch
EPA

HSBC considering moving its headquarters out of the UK is a "clear warning to politicians" according to Richard Buxton, head of equities at Old Mutual Global Investors, who have shares in HSBC. "It's signalling that the ever increasing bank levy on all the UK banks... really can't just continue to ratchet up year in year out without having some impact on a really big bank like HSBC."

Comcast deal collapse

Comcast logo
AP

The US Department of Justice (DoJ) has said that Comcast abandoned its plans to acquire Time Warner Cable after the DoJ raised concerns that Comcast would become "an unavoidable gatekeeper for internet-based services". "The companies' decision to abandon this deal is the best outcome for American consumers," said US attorney general Eric Holder.

Via Email

Mobile money

World Service

Business Update

with Russell Padmore on World Service has heard from a Kenyan inventor, whose innovative software allows Africans using mobile phones to swap credit easily between SIM cards. Samuel Wangi's application is called Chura, the Swahili word for frog. We also hear Mercedes Benz claiming xenophobic attacks on foreign businesses will not affect its investment in South Africa.

HSBC headquarters move?

HSBC's shareholders heard bosses stress how far they had streamlined the bank since taking over four years ago. It has sold or shut 77 businesses and could get rid of sizeable operations in Brazil or Turkey. This kind of approach did not please one shareholder, who suggested the bank had become timid and was missing major opportunities - such as taking over Asian insurance giant, AIA.

Comcast deal off

Comcast says its $45bn (£30bn) merger agreement with Time Warner Cable has "been terminated". Comcast Chairman Brian L. Roberts says: "Today, we move on. Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn't agree, we could walk away." No finger-pointing, then.

HSBC headquarters move?

HSBC shares remain strong after the shareholders' meeting. They're up 3.15%. Still with banks,
Lloyds is up 0.24% at 79.18p after news of the government's further disposal of holdings.

US shares

Early doors for the US markets but market watchers are - boldly - suggesting today might see another record for the Nasdaq. Late results Thursday from Google, Amazon and Microsoft should give it a push up.

Dilbert

dilbert
DILBERT

He's back.

And he's on form.

HSBC Headquarter move?

HSBC
HSBC

Fun facts: of the $1.35 trillion the bank holds in customer deposits, $439bn, or about a third, is from the UK. It's also the single largest home for workers at HSBC, with 48,000 of them. UK revenue was $14.4bn in 2014, a rise of more than $1bn from 2013. Although that's before all the charges for payment protection insurance and the like.

How to spend it

how to spend it
BBC

Regular readers will know Friday can bring with it a special treat: the Financial Times's How To Spend It magazine. No prices are associated with the above advert's outfit. But we feel the amount necessary to buy it is nonetheless made clear.

HSBC headquarters move?

Was listening to the shareholders' meeting. The boss pointed out that HSBC employs 7,000 people in compliance. That many to try to make sure the bank keeps to the rules.

Greek debt talks

More news from Latvia: Greek finance minister Yanis Varoufakis says the government can't accept pension cuts but there may be a deal soon on privatisations.

Greek debt talks

News from Latvia: The eurozone's top official says Greece needs to make "significantly more progress'' on its reform plans if it's going to get more money. Speaking in the Latvian capital of Riga at the conclusion of the eurozone finance minister's meeting, Jeroen Dijsselbloem said time is running out for Greece. He said there are still "wide differences'' between the two sides.

HSBC headquarters move?

HSBC
HSBC

Reasons to be moving. Part three. Or part anything. The UK's banking tax, which is linked to the size of banks' balance sheets, cost the £750m last year. The banking levy hits HSBC harder than other banks because of its large size. The tax has risen as corporation tax has been cut, in order to ensure banks don't get a tax cut following the financial crisis. While £750m is a fair chunk of money, HSBC Bank plc, which contains the UK and European businesses,

made £1.39bn in 2014 and £2.5bn in 2013.

Via Twitter

Douglas Fraser

Business and economy editor, Scotland

tweets: "HSBC mulls move of its HQ out of UK.
More: Parallels with pre-#indyref position of RBS and Standard Life?"

Markets update

  • The
    FTSE 100 is up 0.36% at 7,079.06
  • The
    Dax is up 0.7% at 11,805.72
  • The
    Cac 40 is up 0.54% at 5,206.81
  • Top gainer on the Footsie is
    HSBC - now up 4%.
    BAE Systems is another good gainer - up 3% after it said it might sell a US business. Worst is
    AstraZeneca after a performance statement failed to wow. That is down 3%.

Greece shares

Varoufakis
EPA

Shares in Athens have jumped 4.5% on hopes for progress on bailout funds. Greece's Yanis Varoufakis is meeting his fellow eurozone finance ministers in Riga in Latvia. Nice.

Via Blog

Will HSBC really quit the UK?

Kamal Ahmed

BBC Business editor

Regulatory pressure, political attacks following revelations of errant behaviour and hefty new taxes

have sparked the decision. HSBC has also said that uncertainty over Britain's future in the European Union is weighing on its future as well as new rules which oblige banks to split their retail and investment banking activities - the ring-fence.

Rich list

Radio 5 live

Barney the dinosaur
Getty Images

The Sunday Times Rich List is back this weekend, a right gag-fest. Alex Cheatle, from concierge business Ten Group, tells

Wake Up to Money: "One client wanted a Barney the dinosaur outfit for his son. We had to get it from the middle of the UK but it was needed in Dubai the next day. We had to get a guy on the plane with a Barney the Dinosaur outfit in his hand luggage - that cost a few thousands pounds."

German business confidence

German business confidence is at its highest in almost a year, says the widely-watched IFO survey. Its business climate index, which questions 7,000 firms, was at 108.6 in April, after 107.9 in March.

Housekeeping

Radio 5 live

Mickey Clark
BBC

Wake Up to Money's Mickey Clark reveals - apropos the lifestyle of those on the Rich List - that he doesn't iron. No one who knows him finds this surprising. In any case, he has no need to wield one since his style is "Golf Fabulous", which tends to comprise garments of a synthetic nature that do not need an iron run over them.

HSBC headquarters move?

Midland Bank branch in 1992
BBC

HSBC - originally called the Hong Kong and Shanghai Banking Corporation - was

founded in 1865, in Hong Kong. It moved its HQ to London in 1992 after buying Midland Bank. It employs 266,000 people worldwide. We will return to HSBC after 11:00, which is when its annual shareholder meeting starts.

Rent costs

Private rental prices paid by tenants in Great Britain rose by 2.1% in the 12 months to March 2015,

says the Office for National Statistics. Rental prices increased the most in London, of course, a 3.2% gain.

HSBC headquarters move?

BBC News Channel

Business editor Kamal Ahmed told the News Channel HSBC could consider selling its UK retail banking business. Early days though. Investors, for what it's worth, have

the shares up 3%.

HSBC headquarters move?

Howard Mustoe

Business reporter

hsbc
HSBC

The big question is where HSBC would go? Europe's largest bank has assets (loans, among other things) of $2.63 trillion (£1.74tn). So the bank would have to find a new regulator willing to take on the task of making sure all is well with those loans. And if the worst came to the worst, a country with an economy large enough to withstand another banking crisis, should one present itself. Does that make its original home of Hong Kong, for instance, too small?

HSBC headquarters move?

Last time this storm really blew up was in 2011 after a particularly bad set of results. It said at the time it reviews its domicile every three years. A formality, generally. But then, for the first time, the bank was considering the matter far more seriously. The UK has been tightening its rules for banks after the crisis, demanding more capital to be held and more onerous punishments for misdemeanours.

HSBC headquarters move?

HSBC says it will review whether it stays in London: "As part of the broader strategic review taking place, the Board has therefore now asked management to commence work to look at where the best place is for HSBC to be headquartered in this new environment." HSBC moved to the UK from Hong Kong shortly after buying Midland bank in 1992.

French Connection shares

French Conn shares graph
BBC

French Connection shares have reacted in style - bad style - to its profit warning. Down 22%. Double decimation.