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- US economy contracts 0.7%
- UK's Serious Fraud Office assessing Fifa claims
- BBC uncovers 'aggressive' tax avoidance scheme
General Motors and Subaru have added vehicles to the growing list being recalled by 11 carmakers affected by potentially exploding air bags made by Takata. GM says another 375,000 Sierra and Chevrolet Silverado pickup trucks from 2007 and 2008 in North America may be affected. Subaru has added another 60,000 Impreza small cars from 2004 and 2005 as well as the 2005 Saab 9-2X made by Subaru.
Airbus has set up a $150m venture capital fund - Airbus Group Ventures - to invest in "disruptive and innovative" technologies worldwide. It will be run by Tim Dombrowski, formerly a partner at venture capital firm Andreessen Horowitz. Airbus also said it had recruited Google executive Paul Eremenko to run an innovation centre in Silicon Valley.
In the wake of Sepp Blatter's re-election as Fifa president, McDonald's said: "Our expectation is that Fifa will now act quickly, decisively and transparently to restore its reputation for both the good of the game and for fans worldwide who expect nothing less. The world expects concrete actions and so do we." Its fellow World Cup sponsor Adidas said: "As stated before, we expect Fifa to continue to establish and follow transparent compliance standards in everything they do."
Technology correspondent Rory Cellan-Jones tweets:
The president of American Express, Edward Gilligan, died on Friday after becoming seriously ill on a flight home to New York, theWall Street Journal reported. He had been considered the heir apparent to chief executive Kenneth Chenault. Mr Gilligan became president two years ago and first joined AmEx in 1980.
Barclays is funding a skills and employment training programme being run by HIV and sexual health charity the Terrence Higgins Trust to help sex workers move back into the mainstream workforce. Rosemary Gillespie, chief executive of THT, says: "People engage in sex work for a whole variety of different reasons. For clients who are looking to begin a new career path, our programme can help them achieve their goals and we are absolutely delighted to have the generous support of Barclays." The funding is part of the bank's5 Million Young Futures commitment.
Coca-Cola urged Fifa to take "concrete actions" to address claims of corruption following Sepp Blatter's re-election as its president. "Fifa must now seize the opportunity to begin winning back the trust it has lost," said the soft drinks company, which is one of the football governing body's major sponsors.
US health insurer Humana is considering selling itself, with Aetna and Cigna among the possible bidders, according to theWall Street Journal. Humana is working with Goldman Sachs on a potential sale, the Journal reported. Shares in Humana are up more than 16% in New York at $206.57, valuing the company at more than $31bn (£20bn).
The Brazilian government is taking measures to avoid an economic recession, finance minister Joaquim Levy said. The central bank has successfully tamed inflation expectations, but needs to remain vigilant to battle price increases, the minister said. Despite the looming threat of a recession, the central bank is expected to raise interest rates once again next week.Rates stand at an eye-watering 12.75%.
Oil jumped more than 3% as a rally in the dollar faded on Friday. Oil is traded in dollars and its strength helps determine demand for crude from holders of other currencies. Brent was up $2.10, or 3.4%, at $64.68 a barrel, while US crude rose $1.90, or 3.2%, at $59.58.
BBC World News
Financial Times media correspondent Henry Mance tweets:
Speaking of things solar,Bloomberg reports a prototype of a huge solar-powered drone that Google plans to build to deliver internet access from above crashed earlier this month at a New Mexico test site. No one was injured but the US National Transportation Safety Board is investigating. The Solara 50 drone has a wingspan of 50 metres and is covered in solar cells.
Those Brussels bureaucrats have been busy. They have also shone a light on China's solar panel industry following accusations by European companies that Chinese firms are exporting via Taiwan and Malaysia to avoid import duties. The complaint threatens to spark a new twist in a long-running row that Brussels and Beijing only recently managed to damp down.
The European Commission has sought clarification from the French government about a law that puts clear limits on the way Uber can do business in France. Its letter, sent earlier this month, begins the EU's so-called infringement process that can potentially lead to official charges at the European Court of Justice. France has 10 weeks to respond. The crackdown on Uber follows protests from French taxi drivers.
Apple has boughtMetaio, a German company whose software melds the physical world and computer-generated elements into video displays. Its augmented-reality software is found in virtual product showrooms and in manuals by retailers such as Ikea (pictured). Augmented reality overlays text or graphics on real-life images and objects, usually in video, rather than the simulated images found in virtual reality.
I guess it was inevitable that sooner or later an estate agent would cotton on to using video streaming appPeriscope to promote properties. Simon Bradbury, of the Thomas Morris agency in St Neots, Cambridgeshire, started broadcasting open house events on his tablet earlier this month and has been "blown away" by the response from potential buyers. Watch him in action here.
BBC Scotland business and economy editor Douglas Fraser tweets:
Italian coffee maker Massimo Zanetti, which owns brands including Segafredo, Chock full o'Nuts, Puccino's and Boncafe, has priced its shares at the lower end of the €11.60 to €15.75 range for its 3 June listing, valuing the company at almost €400m (£286m). Demand was twice the number of shares available. The IPO will make Massimo Zanetti the first listed coffee maker in Italy.
Conservative MP Jesse Norman tweets:
The Dow has opened down 0.3% at 18,076 points, while the S&P 500 has fallen 0.2% to 2,116.1 points following news that the US economyshrank 0.7% in the first three months of 2015. Adam Sarhan, chief executive of Sarhan Capital in New York, said: "Today's GDP numbers on average continues to be weaker than expected, which removes imminent threat from the Fed to raise rates."
Former Bank of England Monetary Policy Committee member Danny Blanchflower tweets:
America tried to bang European heads together earlier this week over Greece - and now US Treasury Secretary Jack Lew is having another go. He wants to see a broad deal agreed quickly to reduce the chances of an "accident" occurring. "I think waiting until the day or two before whatever the deadline is, is just a way of courting an accident." Mr Lew added: "They need to implement policies that will be difficult in Greece. But they need to show with clarity the steps that they are prepared to take."
Thanks to Matthew and Russell for this morning's coverage. Chris Johnston here until 2130 with the rest of Friday's business news.
The US economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The overall economy as measured by the gross domestic product contracted at an annual rate of 0.7% in the January-March period, according to revised figures from the Commerce Department. The initial estimate had been growth of 0.2%.
Simon Atkinson, editor of the BBC's India Business Report, writes:
Narendra Modi marked a year in office as Prime Minister this week and these stats suggest the economy he pledged to improve is, well, improving. It would have been the third successive quarter of India’s economy growing faster than China’s. But as India has revised down the figure from October to December, it means Chinese growth was higher in that period. And it’s worth saying, lots of people believe India’ GDP figures are overstating the reality – and that’s because other economic data – such as factory output and export figures - doesn’t support the view that things are picking up so strongly.
A British exit from the European Union could hit London insurers' ability to sell policies in Europe and may deter overseas - they mean US and Chinese here - players from opening London offices, a trade body has said. Through a system of EU "passports", companies in one EU country can carry out business in all the others while opening only branch offices and reporting only to their home regulator. "This arrangement is much more favourable than that for insurers based outside the EU," the International Underwriting Association says.
Shilan Shah, India economist at Capital Economics:
At face value, today’s GDP figures for Q1 suggest that India is the fastest-growing major economy in the world. In reality though, the GDP data remain wildly inconsistent with numerous other indicators that point to continued slack in the economy.
India's economy grew by 7.5% between January and March 2015 compared with the same period a year ago, official figures show. GDP growth for the 2014-15 financial year was 7.3%, slightly below estimates.
Shabana Mahmood, Labour's shadow chief secretary to the Treasury, has waded into theAnderson Group tax avoidance row by calling for the government to tackle the issue. She says the government "failed to make tackling avoidance and evasion a priority in the Queen's Speech. HMRC need the powers backed by a tough penalty regime so that they can clamp down".
Today's SFO statement that it is assessing corruption claims against Fifa does not seem to take up too much further than the position on 1 December last year. Parliamentary records show that, back then, the Solicitor General said: "I can assure my hon. Friend and the House that the SFO is engaging with appropriate overseas authorities in this matter, and is seeking their co-operation in terms of the sharing of material that would allow the SFO to make an informed determination about whether there are reasonable grounds to investigate an alleged offence in this jurisdiction."
The SFO says it has not launched a formal criminal investigation. But it said there were two ways in which it could get involved - by actually opening a formal criminal investigation itself, or by providing "mutual legal assistance" to overseas law enforcement organisations. It also says it has made plain to both US and Swiss authorities that it stands ready to assist.