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  1. China vows to reduce steel output
  2. Argentina returns to international borrowing markets
  3. Netflix shares down on slow down fears

Live Reporting

By Tom Espiner

All times stated are UK

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Good night

That's all from another Business Live page for tonight. Be sure to join us again tomorrow at 06:00 for more business news.

Wall Street closes up

The S&P 500 climbed closer to a record high on Tuesday, lifted by energy stocks and a solid quarterly report from Johnson & Johnson. After dipping into negative territory and then recovering, the S&P 500 ended less than 2% short of last May's record high close.

The S&P 500 gained 0.31% to 2,100.8 points, and the Dow Jones rose 0.27% to 18,053.6 points The Nasdaq dropped 0.4% to 4,940.33 points.

Free trade, free from regulation?

By Edward Curwen

Reality Check

Map and quote: We would be part of a free trade zone from Iceland to Russian border

The claim: Michael Gove said that if Britain left the European Union: “We would be part of a free trade zone that extends from Iceland to the Russian border…we would have full access to the European market but we would be free from EU regulation.” 

Reality Check verdict: Full access with no regulation may be Mr Gove’s hope but it looks impossible to deliver in practice.

Read the full Reality Check here.

Rolls-Royce and Airbus sign Indonesia deals

Rolls-Royce and Airbus have signed deals to upgrade passenger planes for Indonesia's national carrier.

The deals were signed as Indonesia's president Joko Widodo held talks with Prime Minister David Cameron in Downing Street on Tuesday.

Listen: How tech is helping fight corruption in India

BBC World Service

Shilpa Kannan reports on the growing use of technology to fight corruption in India.

Corruption, whether paying a bribe or needing insider contacts to get things done, is something that has long been a problem in India. But the situation appears to be improving. Three years ago India was ranked only 94th in the Transparency International index, where first place is perceived as least corrupt. Last year it had moved up to 76th. So still a long way to go but there are suggestions that technology is helping India slowly clean up its act and its image, as Shilpa Kannan reports from Delhi.

Tesla shares hit by Model X reports

Tesla Model X
Getty Images

Shares of Tesla Motors are down 2.5% to $247.61, below the 0.5% fall in the Nasdaq, after US magazine Consumer Reports suggested buyers of the firm's latest SUV Model X had reported lots of problems.

"Tesla message boards are already swelling with complaints from Model X owners regarding balky doors, interior trim-piece tolerances, paint-spray quality, malfunctioning second-row seats, sheet-metal panel gaps, and climate control issues," according to the magazine article. 

The report comes just a week after Tesla announced the recall of 2,700 Model X vehicles to fix a locking hinge that could allow third-row seat backs to fold forward unintentionally.  

Twitter reaction to Mark Carney

Lots of reaction to Bank of England governor Mark Carney's appearance at the House of Lords economic affairs committee earlier today. 

Mr Carney warned the forthcoming EU referendum was the biggest risk to the UK's financial stability, and said that uncertainty was already hitting the growth outlook.

But what's the most important thing he said?

View more on twitter
View more on twitter
View more on twitter

Photobox boss to step down

Stan Laurent

Photobox boss Stan Laurent has told staff he plans to step down from the online photo printing firm this summer. 

The firm was sold to private equity firms Exponent and Electra last October and Mr Laurent says this proved a "natural 'break point' for me to reflect on my future".

"At 48, the clock is ticking to get a chance to credibly roll-up-your sleeves and engage in a new project, particularly when you're hoping to do it in a slightly different sector," he wrote in a letter to staff. 

Could Yahoo be a good buy?

BBC World Business presenter Susannah Streeter reckons Yahoo could prove an attractive asset. 

View more on twitter

'Not a good scorecard'

BGC Partners analyst Colin Gillis says weak quarterly results, will put more pressure on Yahoo to announce some kind of sell-off. He expects the firm to report lower revenues tonight.

"That's not a very good scorecard," he said. "That's the problem, and the company's strategy is three years into this." 

All eyes on Yahoo

Yahoo building
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Struggling US internet firm Yahoo is due to announce its first quarter results after Wall Street closes. 

But the focus is likely to be on which firms are in the running to take over the firm, rather than profits. 

Monday was reportedly the deadline for interested parties to submit a bid.

Potential suitors said to be interested include telecommunications giant Verizon, Google parent Alphabet and Time as well as Daily Mail owner the Daily Mail and General Trust (DMGT).

Fraudsters ordered to pay £11m in boiler room case

Two people convicted of being part of the UK's biggest-ever boiler room scam have been ordered to pay more than £11m in compensation.

Jeffrey Revell-Reade, an Australian national, was ordered to pay a £10,751,000 confiscation order and Anthony May was ordered to pay a £250,000 confiscation order.

Mr Revell-Reade was accused of setting up the scheme, under which sales entities operating from Madrid sold shares in US-listed companies on a fraudulent basis.

City 'may no longer be pre-eminent' post-Brexit, says Carney

The City of London would "retain a position of great importance" in financial services should the UK vote to leave the EU, but it may no longer be "pre-eminent" and would be likely to be smaller, Mark Carney says.

It would depend on the relationship that was negotiated. It makes it less likely that London would retain its position as it currently is. It would very much, as in many of these, depend on the negotiations."

Threat of Chinese slowdown greater than Brexit?

In the medium term the issues in the Chinese economy "are considerable", says Mark Carney "and it very much depends on how they are handled by the Chinese authorities" as to whether any economic shock will be amplified or not, he says.

Trade deficit 'a Brexit risk' says Carney

There is the possibility that a vote to leave the EU would "reinforce existing vulnerabilities" in the UK economy, including a risk around the UK's trade deficit, Bank of England governor Mark Carney says.

I think it's safe to say that it [the UK current account deficit] is running at a rate around 5%... and that is remarkably high for a large advanced economy... The risk around the challenge... is that the financing terms change on that current account. Increased cost to the economy - [a] consequence of that is a sharp slowing of the economy."

Treasury analysis 'makes sense'

Mark Carney

A Treasury analysis on Monday concluded that the UK would permanently poorer if the UK left the EU. Mark Carney says the broad approach of the analysis "makes sense."

The underlying economics of that analysis are... consistent with our assessment in general of the impact of openness on the UK economy..."

'Supply side uncertainty could increase' says Carney

Uncertainty on the supply side of the economy could also increase after a UK vote to leave the EU, Mr Carney says, "reflecting any alterations to product or labour market regulation, adjustments in labour flows or changes in the rate of technology adoption as a result of different arrangements governing foreign trade and capital flows."

Carney warns of 'growing uncertainty over UK outlook'

There is a "growing uncertainty about the UK’s macroeconomic outlook" due to the upcoming EU referendum, Bank of England governor Mark Carney.He says:

Commercial real estate transactions have fallen by around 40% in the first quarter across the country and by around 60% in London... Such developments reflect a growing uncertainty about the UK’s macroeconomic outlook... A vote to leave the EU might result in an extended period of uncertainty about the economic outlook, including about the prospects for export growth. This uncertainty would be likely to push down on demand in the short run."

Carney: EU referendum risks 'may be beginning to manifest'

Mark Carney

Some elements of risks associated with the UK leaving the European Union "may be beginning to manifest", Bank of England governor Mark Carney has told the House of Lords Economic Affairs Committee.

Since November, the trade-weighted value of sterling has fallen 10%, with more than half of that occurring since the MPC’s last forecast in February. The cost of buying protection against a marked depreciation of sterling has risen notably, with sterling risk reversals falling to their lowest level in over a decade... The equity prices of UK-focussed firms have underperformed by around 10% those with a more global orientation since the middle of February."

Mark CarneyBank of England governor.

Global wind energy capacity 'to nearly double in next five years'

Whitelee, Europe's largest onshore windfarm
Getty Images

Global wind energy capacity is set to nearly double in the next five years, according to the Global Wind Energy Council.

It said cumulative wind energy capacity was 433 gigawatts (GW) at the end of 2015, a 17% rise from the year before.

It added that should nearly double to around 792 GW by the end of 2020 as countries develop more renewable energy to comply with emissions targets.

Ben & Jerry's co-founders arrested in Washington DC protest

Ben Cohen and Jerry Greenfield
Getty Images

The co-founders of Ben & Jerry's have been arrested at the US Capitol as part of ongoing protests in Washington about the role of money in politics.

Ben Cohen and Jerry Greenfield were among approximately 300 people who were arrested Monday as part of protests by a group called Democracy Awakening.

US Capitol Police say those arrested were charged with "crowding, obstructing or incommoding".

They were processed on the scene and released.

The ice cream company was acquired by Unilever in 2000.  

Harley-Davidson reports higher-than-expected results

Motorcyclists cross the Main Street Bridge during Bike Week in Daytona Beach
Getty Images

Harley-Davidson has reported higher-than-expected quarterly sales and earnings as overall sales of motorcycles rose 1.4% to 57,458.

However, it said sales fell in its main US market fell 0.5% to 35,326.

Net income fell to $250.5m, or $1.36 per share, from $269.85m, or $1.27 a share, a year earlier. Analysts had expected $1.29 a share.

Wall Street opens slightly higher as oil steadies

US stock indexes have opened slightly higher, tracking a rise in crude after a strike by oil workers in Kuwait affected production from the Opec country.

The Dow Jones industrial average rose 31.77 points, or 0.18%, to 18,035.93, the S&P 500 gained 4.64 points, or 0.22%, to 2,098.98 and the Nasdaq composite added 0.66 points, or 0.01%, to 4,960.68.

Michael Gove

The UK would still be able to trade freely within Europe even if it left the EU and was not part of the single market, Michael Gove says.

Read more

Free Trade Area v Single Market - what's the difference?

Shipping container

The UK economy could thrive outside the European Union, but may not form part of the single market, Brexit campaign leader Michael Gove has said.

We would have a relationship of "free trade and friendly co-operation" with the EU, the Justice Secretary insisted on the Today Programme.

He said that after Brexit the UK would be part of a European "free trade zone", one that already exists from "Iceland to the Russian Border" but not part of the single market as we are at the moment.

But what is the difference between a free trade area and a single market?

Read more here.

Malaysia Airlines boss Mueller steps down

Malaysia Airline passenger jet
Getty Images

Malaysia Airlines chief executive and managing director Christoph Mueller is leaving after just a year at the troubled carrier.

Mr Mueller will leave in September, well before the end of his three-year contract, the company said in a statment. 

Mr Mueller says he is leaving because of "his changing personal circumstances" without elaborating further.

He will serve a six-month notice period and has expressed his intention to the board to remain as a non-executive director, the carrier said.

"We are very disappointed to lose Christoph as CEO but we fully understand his reasons and respect his need to do this," Malaysia Airline chairman Md Nor Yusof said. 

Malaysia Airlines was plunged into disarray after suffering twin tragedies: Flight MH-17 was shot down while flying over Ukraine killing 283 passengers, including 80 children, and 15 crew members and the disappearance of Flight MH-370 which was flying from Kuala Lumpa to Beijing.

Miners boost FTSE 100

Mining shares pulled the FTSE 100 higher, with shares in silver miner Fresnillo leading the way after the price of silver hit a 10-month high.

Shortly before midday the FTSE 100 was 23.17 points higher at 6,376.69.

Fresnillo shares are up nearly 3%, and among other mining companies BHP Billiton is 2.9% higher while Anglo American has climbed 2.7%.

Commodity-related stocks were supported by a modest rebound in oil prices after Monday's falls.

Hopes that China's economy is not slowing as quickly as feared have also helped to support the sector.

Construction firm enters smartphone market

BBC technology reporter tweets

Age UK says trading arm needs 'sharper demarcation' from charity

We welcome the Charity Commission’s report about Age UK’s trading activities and Ofgem’s report also published today. We are especially pleased that, with respect to the Age UK energy tariff, Ofgem has found no breach of the regulations, and that the Commission has addressed the misconceptions about pricing and has acknowledged that the tariff had regard to the particular needs of older people. We accept we can never be too transparent and our trading arm needs a sharper demarcation from the Age UK charity. We want every customer of our trading arm to know who they have bought from, that any surplus is then gifted to our charity, and how this then benefits older people in need. We will be making some changes so this is always crystal clear. We are glad that the benefits commercial partnerships can bring to charities and those they support have been recognised by the Charity Commission and we hope the changes we will be making in response to this report will help other charities too.

BreakingGoldman Sachs earnings slump 56%

US bank Goldman Sachs has reported a sharp decline in first-quarter earnings, suffering weakness in most of its businesses including financial advising and trading. 

Net profit for the three months to the end of March was $1.2bn, down 56.3% compared with a year ago Revenues sank 40.3% to $6.3bn

'Maybe the future is machines, not us'

Richard Watson, author of Digital Versus Human, on what the rise of AI means for humans.

Charity Commission criticises Age UK over energy deals

BBC personal finance correspondent tweets

Zoopla buys Property Software Group for £75m

Zoopla logo

Property portal Zoopla is to buy The Property Software Group an estate agency software firm for £75m.

The website, which vies with Rightmove and OnTheMarket for the business of estate agents, believes the back office system used by 8,000 estate agency branches will open up an opportunity to bring them on to its portal, the Financial Times reports.

Alex Chesterman, Zoopla founder and chief executive, said the acquisition would “transform the services available for both UK property professionals and consumers . . . for those who want it, we will provide a complete end-to-end solution”.

Zoopla and its larger listed rival, Rightmove are among the UK’s most popular websites but have faced additional competition over the past year from OnTheMarket, a rival set up by a consortium of estate agents aiming to break the duo’s stranglehold on an area now crucial to home sales in the UK.

E.on welcomes Ofgem decision on investigation

We are clearly pleased that Ofgem has found there is no case to open an investigation regarding our relationship with Age UK Enterprises. We take our regulatory requirements extremely seriously and we continue to put our customers first; ensuring they have the information and tools they need to choose a tariff which best suits their needs.

Age UK's energy deals with E.on will not be investigated

Gas flame on hob

Back in February a claim that charity Age UK had been promoting unfavourable gas and electricity deals in return for cash hit the headlines.

Two regulators - Ofgem and the Charities Commission - said they would examine the deals offered by Age UK with supplier E.On in the face of accusations that they may have been much more expensive than the cheapest offers from the firm.

A the time Age UK rejected the allegations, while E.On said its tariffs were competitive.

Ofgem has now said it will not take it any further.

“Ofgem has looked into E.ON’s marketing of its tariffs with Age UK and concluded that there is no case to open an investigation," it said in a statement. 

"We have written to all suppliers reminding them that relationships with charities and other trusted organisations require appropriate oversight. 

"The Charity Commission has looked into the practices of Age UK in relation to this matter and they have today published a report of their findings.”

Get the latest from the pro and anti-Brexit debate ...

Today programme tweets

Roche quarterly sales rise 4%

Pharmaceutical giant Roche has reported sales rose 4% in the first three months of the yea to 12.4 billion Swiss francs and reaffirmed its full-year targets.

Novartis, its biggest rival, reports quarterly profits on Thursday.

Roche said sales of its "big three" cancer medicines -  Herceptin, Avastin and Rituxan that together account for more than a third of revenue - had all seen strong sales. 

Roche shares rose 1.5% is early trade. It  plans to launch eight new medicines in the next three years as it seeks to mitigate the expiry of a number of patents in 2017.

It has won accelerated US regulatory review for several medicines, including Venetoclax for leukaemia and Atezolizumab that blocks mechanisms that help tumours evade detection by the immune system.

Roche's results indicate it is finally getting a break from currency exchange rates after the strong Swiss franc last year dented sales and earnings. 

Spanish austerity has ended says ECB

Plaza Mayor, Madrid
Getty Images

Fiscal tightening in Spain has come to a halt, the European Commission and the European Central Bank has said in a joint statement, warning that the country's deficit was amongst the highest in the eurozone. 

"The government debt to GDP ratio decreased slightly in 2015 but its high level remains a burden for the economy," the two institutions said, after examining Spain's economy. 

"The needed progress on fiscal consolidation has come to a halt, with part of the structural adjustment implemented in earlier years being reversed," they said. 

"As a result, the deficit target of 4.2% has been missed by a large margin and the 2015 general government deficit is among the highest in the euro area."  

Gove sets out trade vision for UK outside EU

Michael Gove says the UK would join the European free trade area if it leaves the EU
Justice secretary Michael Gove, the co-convenor of the Vote Leave campaign, has set out his vision for the trading relationships the UK would have if it leaves the EU.

Speaking to the Today programme, he said the UK would join a European free trade area, "take back control of our seat" on the World Trade Organisation and remove trade barriers to developing nations.

His comments follow Treasury forecasts that leaving the EU could cost the British economy the equivalent of £4,300 per household per year.

Hinkley gets tense

BBC business editor tweets