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Summary

  1. FTSE 100 ends day in positive territory
  2. Oil prices slide after failed Doha oil talks
  3. China vows to cut steel output says Sajid Javid
  4. UK Treasury warns over Brexit hit to UK economy

Live Reporting

By Bill Wilson

All times stated are UK

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That's all from the live page for another day. Back as usual from 6am tomorrow. Please join us.

Wall Street closes higher

Netflix offices
Getty Images

The Dow Jones climbed to a nine-month high, led by a 2.9% rise in Disney shares. The Dow rose 104.98 points, or 0.59%, to 18,002.44, the S&P 500 gained 13.62 points, or 0.65%, to 2,094.35. The Nasdaq added 21.80 points, or 0.44%, to 4,960.02.

In after-hours trading, shares in Netflix fell 11.6% after the video streaming company reported trading figures that disappointed investors.

Silicon Valley veteran and mentor Bill Campbell dies

Silicon Valley veteran Bill Campbell, who advised tech leaders including Apple's Steve Jobs and Amazon's Jeff Bezos, has died aged 75 after a long battle with cancer. 

"A very sad day," Alphabet executive chairman and former Google chief executive Eric Schmidt said in a message set from his Twitter account. "My deepest condolences to his family. Bill was instrumental as a mentor - for me, for Google, for all Valley entrepreneurs."   

Mr Campbell was chief executive of tax software maker Intuit from 1994 to 1998 and again for a few months until January 2000. He retired in January this year as the company's chairman, a post he had held since 1998. He served on a number of boards, including Apple and Columbia University. 

Would the UK have to make new trade deals?

By Tamara Kovacevic

Reality Check

Quote "If we left the EU we'd have to re-negotiate trade deals with over 50 other countries"
BBC

The claim: The Treasury's analysis of costs and benefits of European membership says: “If we left the EU we’d have to re-negotiate trade deals with over 50 other countries.”

Reality Check verdict: Yes, the UK would have to renegotiate the current trade deals with non-EU countries. Some would be easier to secure than others.

Read the full Reality Check here.

Read all about it....

Court backs Google in authors' group battle

Google Books screen page
Getty Images

The US Supreme Court has ruled in favour of Google in its 11-year legal battle with an authors' group.

The Court said it would not hear an appeal from the Authors Guild, which claimed Google breached copyright laws by scanning books without permission.

The technology giant began the process in 2004, so it could include extracts in a searchable database, and it was sued by the Authors Guild in 2005.

The Supreme Court's judgement is the final ruling on the matter.

Fan sues Kanye West

Dispute over Life of Pablo streaming release

Kanye West
Getty Images

A Kanye West fan is suing the singer as well as music streaming service Tidal, a company owned by Jay Z.

It is alleged they tricked people into subscribing to the streaming service by fraudulently claiming it was the only way to buy West's album The Life of Pablo. In a proposed class action lawsuit filed in San Francisco, Justin Baker-Rhett said he signed up for Tidal at $9.99 a month after West tweeted on 15 February that the album would not be sold anywhere else. 

But Mr Baker-Rhett claims the promise was a ploy to add millions of subscribers to Tidal,  and that West released the album shortly afterwards on Apple Music and Spotify, and on his own website. 

Happy birthday!

Anniversary of the day comes courtesy of the Bank of England. Its website is 20 years old today...

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BoE website
BoE
Piper Alpha

The oil industry is in danger of making the same mistakes it did in the years before the Piper Alpha disaster, an offshore union boss warns.

Read more

NFL concussion settlement upheld

Appeal court upholds deal with former players

NFL action
Getty Images

A federal appeals court has upheld a multi-million dollar concussion deal between the NFL American Football league and 20,000 retired players. A small group of players, about 1%, had objected to the deal, approved in April 2015 by a US court. They said it did not cover potential victims of a degenerative brain disease,  chronic traumatic encephalopathy, that has been linked to repeated blows to the head. "It is the nature of a settlement that some will be dissatisfied with the ultimate result," Circuit Judge Thomas Ambro of the 3rd US Circuit Court of Appeals in Philadelphia said.

State aid for steel?

Steel
Reuters

The European Union should consider allowing members to subsidise their steel industries, says internal market and industry commissioner Elzbieta Bienkowska. 

EU members including the UK, France and Germany have asked the Commission to help the steel industry, which is being hit by cheap Chinese imports among other problems. 

"We have to discuss whether we can't be more flexible in our judgment of state aid," she tells the Frankfurter Allgemeine Zeitung. "We cannot push this industry any further."

Supermarket sweep

Retail Week news editor James Wilmore tweets:

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Would the UK have to obey EU rules to access the single market?

By Peter Barnes

Reality Check

Treasury quote: If EU countries were to offer the UK significant access to the Single Market, they would certainly insist that the UK accepts the associated obligations and rules, as every other country has had to do
BBC

The claim: "If EU countries were to offer the UK significant access to the Single Market, they would certainly insist that the UK accepts the associated obligations and rules, as every other country has had to do."

Reality Check verdict: We'd certainly be able to negotiate access to EU markets after Brexit, but it's hard to see other EU countries giving the UK a much better deal than everyone else.  

Read the full Reality Check here.

That sinking feeling

Jobs to go at historic sink maker

Carron Phoenix premises
BBC

The Carron Phoenix sink manufacturing plant in Falkirk in Scotland is to close, with the loss of almost 200 jobs.

Swiss-based Franke Group said it will undertake a "phased closure programme" over the next 18 to 20 months.

The company said about 15 warehousing jobs would remain at a new local logistics facility.

Franke Group said it was closing the Falkirk site and two other European sites to centralise production in Slovakia.

Centrica boss survives mini-revolt

Conn pay deal backed by majority

Centrica logo
Centrica

The boss of British Gas owner Centrica has overcome investor protests over his £3m pay package during the firm's AGM. Chief executive Iain Conn saw 14.5% of shareholders fail to back his pay deal, but 85.5% were in favour. British Gas lost 224,000 residential customers in the first three months of the year as households switched to other providers.

Do bookies get too much blame for gamblers?

Association of British Bookmakers on the dangers and safeguards of placing a bet.
High Street betting shops are under threat according to their lobbying group, but there are more dangerous places for those with gambling problems.

In a personal film  for the Daily Politics, Malcolm George from the Association of British Bookmakers claimed bookmakers' shops were the safest place to make a bet, as there were safeguards with trained staff.

But he said they were closing at the rate of one a day, with some of the blame on "regulation, taxes and myth-spinning".

China in steel output vow

Chris Johnston

Business reporter

Steel plant
Getty Images

China has vowed to reduce the amount of steel it makes, Business Secretary Sajid Javid said after attending a crisis meeting in Brussels about the global steel glut.

He said China has "absolutely recognised that it is a problem of overcapacity in their country".

"They're committing to do something about it and I think that's a very positive step forward."

However, Mr Javid admitted that there was no "overnight solution" to the issue of excess production: "The discussion today with all these countries coming together is something that we pushed for, and ... China's participation will help make the difference."

Read more here.

FTSE steadies but oil shares fall

The FTSE 100 recovers from early falls, but shares in oil companies remain lower

The London market recovered from early losses, which had been triggered by a slide in oil companies after crude prices plunged. After falling 1% at the start of trade, the FTSE 100 9.77 points, or 0.15%, higher at 6,353.52. Shares in oil companies were among the biggest fallers after oil producers failed to agree an output freeze at their weekend meeting in Qatar. BP dropped 1.2% and shares in Royal Dutch Shell fell 1.8%.

Aston Villa FC directors resign

The Birmingham Mail reports that two high-profile directors have quit the Villains

Boris Johnson: Treasury estimate is 'wrong'
London mayor Boris Johnson says the Treasury's assessment warning that an EU exit would cause permanent economic damage in the UK is "wrong".

Come fly with me...

Business presenter Aaron Heslehurst tweets:

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George Osborne

The damage to the UK economy of an EU exit would cost an average £4,300 per household, says the chancellor - but Leave campaigners call the claim "completely absurd".

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Germany eyes top ECB job

IHS economist Howard Archer tweets:

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Giving bonds a try

Harlequins FC rugby club launches fundraising venture

Chris Robshaw of Harlequins in action
Getty
Chris Robshaw of Harlequins in action

Premiership rugby union club Harlequins FC is planning to raise £7.5m through a mini-corporate bond that offers retail investors an annual 5.5% gross return over five years.

If demand is strong enough then the club says it may look to raise up to £15m.

Investments can be made in multiples of £1,000, subject to a minimum investment of £2,000 per applicant, with applications open until 16 May.

Harlequin FC bonds are not transferable and they cannot be traded. Cash raised will be used to improve playing and spectating facilities at their Stoop home ground. 

George Osborne: 'Britain poorer outside the EU'
Britain would be "permanently poorer" outside the European Union, Chancellor George Osborne warns.

Wall Street down as oil in focus

US markets opened lower after major crude exporters were unable agree to output limits over the weekend. In early trade the Dow Jones was down at 11.37 points, or 0.06% at 17886.09. The broader S&P 500 was down 3.53 points, or 0.17%, to 2077.20, and the tech-heavy Nasdaq was down 15.51 points, or 0.31%,  to 4922.71. Chevron and Halliburton both dropped after talks in Doha, Qatar, between OPEC and non-OPEC crude producers to cap production ended without a deal.

Paper cuts...

Business presenter Ben Thompson's tweet has prompted a response from Virgin Trains:

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Ben is a regular Virgin customer as he usually makes a weekly trek to Manchester to present the business news segments on BBC Breakfast on Fridays.

Would Brexit cost your family £4,300 a year?

By Anthony Reuben

Reality Check

Quote saying EU exit would cost £4300 to UK families
BBC

The claim: In launching their analysis of the costs and benefits of EU membership, the Treasury said leaving the EU would cost families £4,300 per year by 2030. 

Reality Check verdict: Families would not lose £4,300 per year if Britain left the EU.The Treasury model suggests that under one possible outcome of a Brexit, the UK's economy would be reduced by a sum equivalent to £4,300 for every household in the country by 2030. But that's not the same as saying it will cost every household that much. 

Read the full Reality Check here.

123-reg

Chris Foxx

Technology reporter

The UK's largest web host 123-reg accidentally deletes an unspecified number of business websites.

Read more
well at horse hill

John Moylan

Industry correspondent, BBC News

Oil production in the South of England could add billions to the economy and help offset the decline in North Sea production, a report says.

Read more

IFS Paul Johnson and John Redwood on Treasury Brexit forecast

IFS Paul Johnson and John Redwood on Treasury Brexit forecast

Treasury says income tax could rise 8% if UK leaves EU

Kamal Ahmed

Economics editor

The Treasury has revealed the full range of its analysis of the possible economic costs of the UK leaving the EU.

Its report suggests that leaving the EU could mean that the UK economy would be 6% smaller by 2030.

If that figure is divided between the 26.7 million households in the UK, that is equivalent to each household being £4,300 "worse off".

The full report says that if the economy is smaller then that would have an impact on the amount of government income it receives from business and personal taxes.

The report suggests leaving the European Union and signing a "Canada-style" bilateral agreement with the rest of the EU could mean tax receipts falling by £36bn, or a third of the annual NHS budget.

The report says that could mean an 8% increase in the basic rate of income tax.

Read more from Kamal here.

Hasbro quarterly profits doubles

Star Wars toys
Getty Images

Toymaker Hasbro has reported better-than-expected quarterly profit and revenue, thanks to strong demand for Disney Princess dolls and the Star Wars films.

Revenue from toys targeted at boys, including toy guns under the "NERF" brand and figurines based on the "Star Wars" and "Jurassic World" films, jumped 24% to $336.9m in the three months to 27 March.

Sales of toys for girls rose 41.2 % - the first rise in six quarters, helped by strong demand for Disney Princess dolls. 

Quarterly net income rose to $48.8m from $26.7m a year earlier. Net revenue rose 16.5% to $831.2m from $713.5m

Verizon leading Yahoo chase - WSJ

Yahoo sign
AP

Today is the deadline for parties interested in making a bid for all, or parts of, internet firm Yahoo! (You remembered to get your bid in, right?).

According to the Wall Street Journal the telecoms company Verizon is one of the leading contenders to snap up the business.

The Journal argues that Verizon could fold Yahoo into its existing digital media business.

It also has the financial clout, with $4.5bn of cash on its books.

McDonald's 'disappointed' by Labour ban

McDonalds' logo
Getty Images

Burger chain McDonald's has said it is "disappointed" by the Labour party's decision to exclude the company from its annual conference in Liverpool.

Labour's ruling National Executive Committee rejected its application to set up a stand at the annual gathering.

The decision, which is thought to have cost the party £30,000 in sponsorship money, was criticised as "snobby" by one Labour MP.

A Labour spokeswoman said: "We do not comment on commercial decisions."

Morgan Stanley profits slump

Morgan Stanley
Reuters

Net income at Morgan Stanley more than halved in the first quarter to $1.1bn from $2.4bn for the same quarter last year.

Revenue fell to $7.8bn from $9.9bn in the previous year.

Chief executive James Gorman does not sound that optimistic about the rest of the year. 

The first quarter was characterized by challenging market conditions and muted client activity. Against that backdrop, our businesses delivered stable results. While we see some signs of market recovery, global uncertainties continue to weigh on investor activity.

James GormanChief executive, Morgan Stanley

Pepsi sales fall

Pepsi cans
Getty Images

Sales at PepsiCo fell 3% in its first quarter. A stronger dollar put a dent in its sales as well as weakness in Latin America and Europe.

It's the sixth quarter of falling sales.

However the chief executive said it was a "strong" start to the year, with improved profit margin and successful new product launches.

Tata Steel UK gets a new boss

Tata Steel"s steel plant in Scunthorpe
Getty Images

Tata Steel UK has a new chief executive. The parent company has appointed Bimlendra Jha to the role. He is currently in charge of the long products business at Tata Steel Europe.

He negotiated the sale of Tata's Scunthorpe plant to Greybull.

Today’s announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK. Bimlendra’s successful experience of the process of divestment of Long Products Europe will be invaluable as Tata Steel Europe explores strategic alternatives for its operations in the UK.

Koushik ChatterjeeGroup executive director, Tata Steel Limited

Powa failure

Rory Cellan-Jones

Technology correspondent

Technology correspondent, Rory Cellan-Jones follows up on his story about the failure of Powa Technologies.

The company was, for a while, considered a hot financial technology firm and had received £143m of funding. 

Rory has been looking at the report from auditors which sheds some light on how the company burnt through all those millions.

FTSE rebounds from early losses

FTSE 100
BBC

The FTSE 100 has recovered from early sharp losses. It's now trading just a few points lower.

Energy shares have recovered a bit, BP is down 1.3% and Centrica is down 2.6%.

On the oil market, North Sea Brent Crude is down $1.74, or 4%, a barrel at $42.10.