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Summary

  1. Berkshire Hathaway discloses stake in Apple
  2. Wall Street opens higher
  3. HSBC starts to impose 8,000 job cuts in UK
  4. Norway's sovereign wealth fund plans to sue Volkswagen
  5. Nissan accused of emissions cheating by South Korea
  6. Pay growth 'stuck in the slow lane': CIPD
  7. FTSE 100 closes slightly higher, boosted by oil and mining stocks

Live Reporting

By Katie Hope

All times stated are UK

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Goodnight

Goodnight, that's it from us for today. But join us from 6am tomorrow when we'll have Vodafone and Premier Food's results as well as April's inflation data. 

Nissan confirms South Korea's test was on a newer model

Nissan has confirmed that the car the South Korean authorities tested was a newer model of the Qashqai - a Euro 6. The UK tests were carried out on an earlier model of the car - a Euro 5. 

South Korea's government said earlier it plans to fine the Japanese company 330 million won (£195,000; $279,920) for manipulating emissions tests.

Nissan "firmly" denies the accusation.

Wall Street closes higher

Wall Streets's rally has lasted until the end of play. All three indexes have finished the day sharply higher. The Dow Jones industrial average rose 174.32 points, or 0.99%, to 17,709.64, the S&P 500 gained 20.02 points, or 0.98%, to 2,066.63 and the Nasdaq Composite added 57.78 points, or 1.22%, to 4,775.46.

'Nice day for oil'

Today has been an up day for the black stuff. Here's a squiggly chart to show you its recent trajectory. 

Nice day for crude as traders key on a potential supply shortfall on.mktw.net/1qoqFHI

Nice day for crude as traders key on a potential supply shortfall on.mktw.net/1qoqFHI

Wall Street rally continues

All three of the main indexes on Wall Street are now over 1% higher, with the Dow Jones up 1.2%, the S&P 500 up 1.2% and the Nasdaq surging 1.5%.  Much of the rise is being credited to the strong performance of Apple, whose shares are currently up 4.1%, thanks to the Sage of Omaha's Warren Buffett's decision to take a $1bn stake in the tech giant. 

Saudi Arabia among top 14 holders of US debt

Saudi Arabia is among the top fourteen foreign nations in terms of holders of US debt, according to Bloomberg. The kingdom holds $116.8bn as of March 2016, the Treasury said, following a freedom of information request by the newswire. The figure puts the oil exporter within the top 14 holders of US government debt.

'The most hated person in the building'

In a timely article for HSBC, BBC Capital looks at how managers can best handle making people redundant. 

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Angry Birds Movie inspired by producer's 80-year-old mum

Angry Birds film launch
Getty Images

The Angry Birds Movie was released last weekend. 

The characters first caught the world's attention as a gaming app for smartphones and tablets. Users fire cartoon birds as far as they can using a sling shot to knock down buildings and defeat their rivals the pigs. 

Even the British prime minister David Cameron admitted he was in on the craze. And so was the 80-year-old mother of film producer David Maisel. 

Watching his mum engrossed in the game convinced him there was a film to be made. 

But rather than get a big studio to take on the movie, he took a gamble and persuaded the games creators, Finnish firm Rovio, to turn film makers. 

The BBC's Susannah Streeter has been speaking to David Maisel.

Buffett's Apple investment

An interesting blog from the Wall Street Journal points out that it was not actually Warren Buffett himself who made the purchase of Apple shares, but his head stock-picking honchos Todd Combs and Ted Weschler.

The blog says they are more willing to invest in areas that Mr Buffett himself won't touch.

They each manage portfolios of about $9bn and do not have to consult Mr Buffett on how they spend it.

More from HSBC's Sheffield office

BBC Radio 5Live presenter tweets...

Apple pushes Wall Street higher

Apple share graph
BBC

Apple's shares have continued to rise and are currently up 3.5% at $93.72, boosted by news of Warren Buffett's Berkshire Hathaway's decision to take a $1bn stake in the tech giant.

The rise has helped lift Wall Street overall with the Nasdaq, where Apple is listed up 1.1%, and both the Dow Jones and the S&P 500 both up 0.9%.

'It's hard to pin down the implications of Nissan'

More on Nissan from BBC transport correspondent Richard Westcott, who says it's hard to pin down the implications of the South Korean allegations over Nissan's Qashqai cars.

This stuff is technically complex and Nissan couldn’t give me details as yet. Nissan still can’t tell me exactly what’s happened but it appears to be different from VW. The British government recently tested Euro 5 Nissan vehicles, the German KBA tested a different model, the Navara. It seems the model in Korea was Euro 6…so it doesn’t look like it was tested/checked by European governments in their recent checks.

Richard WestcottBBC transport correspondent

'No evidence that Nissan has cheated UK emissions tests'

David Cameron in Qashkai
Getty Images

Following South Korean officials allegations that Nissan Qashqai cars built at the firm's Sunderland plant in the UK were fitted with so-called emissions defeat devices, the Department for Transport has said it found no evidence of cheating.

It said it tested two Nissan Qashqai models as part of its Emissions Testing Programme and found neither were using test cycle manipulation strategies.

However, the Dft says it's still too early to say whether further testing of Nissan vehicles will be necessary in light of the new allegations.

Our priority is to protect the interests of UK consumers. There is no evidence that Nissan has cheated emissions tests in the UK but we continue to monitor emissions investigations in other countries with interest.

Department for Transportspokesperson

'Only a matter of time' until oil passes $50 a barrel

Oil rig
Getty Images

With the price of oil trading at its highest level since early November, currently up 2.7% at $49.10 a barrel, one investment manager says it is only a matter of time before it tops $50 a barrel.

"You can definitely expect it to move through the $50 mark. The question is for how long," Adam Laird of investment fund Hargreaves Lansdown tells the BBC's Dan Macadam.

Supply disruptions and higher demand are pushing the price up, although "no buyer wants to be the first over the $50 boundary," Mr Laird says.

He also expects the volatility to continue and thinks the price could well drop back below $50 again.

"It's too early to say this is the beginning of the big recovery," he says.

Greek vote on Sunday

Greek flag
Getty Images

You'd be forgiven for thinking Greece has had quite enough votes of late, but the latest Parliamentary vote will take place this Sunday, it's been announced. They'll be voting on whether or not to accept a new package of tax hikes and reforms, on which the latest tranche of bailout money depends. 

The vote is being seen as a test of Prime Minister Alexis Tsipras' authority after last week's revolt by around a fifth of his left-wing Syriza party over changes to taxes, pensions and labour rules demanded by EU-IMF creditors.

It comes just two days before EU lenders assess whether the country qualifies for its latest bailout.

FTSE closes up... just

The FTSE 100 has managed to inch into positive territory by the end of the day, closing 0.21% higher at 6,151.40. France, however, failed to follow suit with the Cac-40 closing 0.3% lower. Germany's Dax was closed for a public holiday. 

'It's going to hit Sheffield quite hard'

BBC Radio 5 Live

Kate Major
BBC

5Live Money reporter Colletta Smith has been speaking to Kate Major, manager of the Three Tuns pub next to HSBC's offices in Sheffield.

They've known for months it could happen so it was only a matter of time. I wouldn't be surprised if a fair few people leave the city as a result of this to look for work elsewhere. 500 people, it's going to hit Sheffield quite hard"

Kate Majormanager of the Three tuns pub in Sheffield

HSBC's Sheffield office to lose 500 jobs

HSBC's Sheffield office is expected to be the hardest hit in today's redundancies with some 500 of the 850 IT staff laid off today expected to be from there.

BBC Business Presenter for BBC Radio 5Live Colletta Smith is there to report live.  

The redundancies are part of an already announced plan to cut 8,000 UK jobs by the end of the year. 

When the restructuring plan was first announced, chief executive Stuart Gulliver said most of the job losses in the UK would come from voluntary departures. The bank has 47,000 workers in Britain. 

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US supreme court rejects Exxon appeal

Editorial Fellow at the Peterson Institute for International Economics tweets...

Oil and Apple help take the edge off manufacturing pain

The strong performance of oil - currently at a six-month high - at just over $49 a barrel, together with Apple's strong rise is helping investors forget the pain of the disappointing manufacturing data.

The Empire State manufacturing index - which monitors factory activity in New York - shrank in May after expanding for the previous two months - reinforcing concerns that economic growth is stumbling.  

The Empire State manufacturing index, the only notable number on the day’s agenda, vastly underperformed expectations, plunging from a 14 month high of 9.6 to a 3 month nadir of -9.0. Yet news that Warren Buffett’s Berkshire Hathaway took a $1 billion stake in Apple during its (miserable) first quarter helped lift the tech company by over 2.5%. As is the weight of Apple this upwards shift more than compensated for the weak manufacturing figure and, alongside the oil-inspired gains for the likes of ExxonMobil and Chevron, ensured the Dow opened nearly 90 points higher after the bell.

Connor CampbellSpreadex financial analyst

Apple takes back 'most valuable' crown

Apple's share price rise has put it back on top as the world's most valuable company, according to Reuters data. The tech giant was overtaken by Google parent Alphabet earlier this month, but the two are constantly tussling for first place. 

Apple shares outpace Wall Street

Apple logo
Getty Images

Apple shares have surged 1.7% in early trading on the news of Warren Buffett's $1bn investment. Their sharp rise has easily outpaced the main indexes on Wall Street with the Dow Jones, Nasdaq and S&P 500 all up just 0.3% at 17,593.87, 4,733.94 and 2,051.91 respectively. 

The FTSE 100 is looking up...

Accendo's head of research Mike van Dulken tweets...

The FTSE 100 is pointing upwards again, boosted by the higher opening over on Wall Street. Here's a squiggly chart to show its rather bumpy day so far.

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Finger lickin' good?

Times reporter Tom Knowles tweets:

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Little change expected on Wall Street

Wall Street's expected to open little changed today after Friday's falls which marked the third consecutive week of losses, but data on US house builders sentiment from the National Association of Home Builders (NAHB) will be watched closely for any sense of direction.

Good afternoon

Hello, Thanks to Ben and Chris for this morning's coverage. It's Katie Hope here and I'll be taking you through the afternoon, including the Wall Street open and US home building data.

China spooks markets

Shanghai skyline
Getty Images

European markets are down on disappointing Chinese data, but trading was subdued due to a bank holiday in Germany. The FTSE 100 is down almost 0.5%, Madrid lost 1% and Paris fell 0.8% as investors fretted over fresh evidence of China's economic slowdown. Chinese industrial output, retail sales and fixed-asset investment all came in below expectations.

CMC Markets analyst Jasper Lawler said: "It was Monday Blues in European markets after weak economic data from China released over the weekend added to investor woes brought about by Wall Street falling to its lowest in a month. The Whit Monday holiday has dampened trading volumes." 

The FTSE's rollercoaster ride continues, starting the week with a quick dive, unwinding an impressive rally Friday afternoon," said Lee Wild of Interactive Investor.

Get me in - at a price

Beyonce
Getty Images
Tickets for Beyonce's Wembley stadium concert in July with a face value of £50 are on sale on Get Me In for £825, the Observer reports

The Observer has shone a light into the shady world of ticket touting - and points out that ticket resale sites such as Seatwave and Get Me In are also owned by Ticketmaster, which "ends up getting paid twice over. Everybody wins, except for the fans," write Rob Davies and Rupert Jones.  

Oddly enough, Ticketmaster failed to give a response for the Observer article.

As Nitin Khandia, director at BTMK Solicitors, a legal adviser on consumer-related problems, says: "It does appear that some secondary ticketing companies are breaking the law in the course of their business."

I'M ON THE PLANE...

Naughty business producer Mark Broad tweets:

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Apple not the only fruit for Buffett

Warren Buffett
Getty Images

Jonathan Adams, a Bloomberg Intelligence analyst who covers Berkshire Hathaway, says its decision to buy into Apple is a positive reflection on its management.

However, Apple is not Warren Buffett's only stake in a technology firm: Berkshire is the biggest shareholder in IBM and increased its holding in the first quarter. 

The firm has also reduced its stakes in Walmart and Procter & Gamble - and sold out of AT&T completely.

BreakingBuffett takes a bite of Apple

Apple
Getty Images

Warren Buffett's Berkshire Hathaway has disclosed a holding of 9.81 million shares in Apple worth about $1bn (£695m) - making it the 56th largest shareholder. That's tiny in the general scheme of things, but it's significant that the legendary investor has decided to take a bite out of the tech giant, particularly as Mr Buffett has traditionally shied away from technology shares.

Apple shares have had a bit of a torrid time of late and have fallen almost 30% in the past 12 months to just over $90. Some are now asking whether it has become a "value stock".  

Apple shares are 2% higher in pre-market trading.

Oil prices roll higher

Oil prices have continued to push higher this morning. 

Brent crude is up 2% at $48.83 per barrel.

"The oil market has very swiftly made an about-move in recent days. With low prices driving disruptions in Nigeria coupled with greater output from Iran and expectations of renewed demand all pushing the price higher and leading some factions to pull forward price forecasts in the shorter term," Said Brenda Kelly, head of analysts, at London Capital Group.

Gannett raises offer for Los Angeles Times owner

La Times
Getty Images

US media firm Gannett, which owns USA Today and the Detroit Free Press among others, has raised its bid for Tribune Publishing Company. 

Gannett says it wants to "immediately" engage with Tribune's management. 

It said: "By not engaging constructively with Gannett and continuing to pursue an unproven strategy based on its Tronc platform, we believe Tribune is jeopardizing its shareholders’ investment and disregarding their best interests.”

In case you are wondering, Tronc is a new unit estabilished by Tribune which will deliver users digital stories based on their reading preferences.

Tribune also owns the Los Angeles Times and the Baltimore Sun.

The revised offer from Gannett is worth $15 per share, up from $12.25 per share and is worth a total of $864m.  

Pfizer in $5.2bn deal

Pfizer logo
ap

Pfizer is buying Californian healthcare firm Anacor, in a deal worth $5.2bn.

In a news release Pfizer highlights the potential of Anacor's treatment for eczema, which is currently being evaluated by US authorities.

Pfizer says the deal fits with its focus on inflammation and immunology.

Last month Pfizer abandoned a $160bn merger with Ireland's Allergan, amid changes to tax laws aimed at preventing US firms from cutting their tax bills by merging with overseas firms.

O'Leary warns on higher airfares

Ryanair plane
Getty Images

Ryanair could cut investment in the UK if it votes to leave the European Union, Ryanair boss Michael O'Leary said. The Irish airline's biggest base is Stansted airport north of London. 

Mr O'Leary said that the company would open a new European training centre at Stansted, creating around 450 new jobs as part of the near £1bn it invests in the country. 

Speaking at an event at the airport today with George Osborne, he said: "Let me put it simply: if Britain isn't a member of the EU these investments, these jobs will be going to other countries. That's why Ryanair is campaigning so strongly for Britain to remain in the EU."

Mr O'Leary added: "If Britain leaves the single market Britain may be forced out of the Open Skies regime and airfares and the cost of holidays will rise. That's not speculation, that's a certainty."  

The Frankfurt riddle - solved!

For anyone wondering why the Dax in Frankfurt was up nearly 1% when the other European markets are down quite a bit - thanks to the readers who point out that it is a bank holiday in Germany today. That rise reflects Friday's close, of course.

The Cac in Paris is still down 1%, with Madrid off a touch more, and the FTSE 0.4% lower.

BreakingHSBC starts to cut 850 jobs

HSBC logo
Getty Images

HSBC is starting to lay off 850 IT staff today - the first wave of redundancies under a plan to cut 8,000 jobs in the UK by the end of next year. Most of those affected were being informed about the cuts on Monday and are based in London, Sheffield, Leeds and Birmingham, according to insiders. 

All the jobs affected will go by the end of this year, the sources said. HSBC declined to comment.

When the restructuring plan was announced last year, chief executive Stuart Gulliver said most of the job losses in the UK would come from voluntary departures. The bank has 47,000 workers in Britain. 

Oil prices up

Oil pump
Getty Images

Oil prices have pushed higher this morning, with Brent Crude 82 cents, or 1.7% higher, at $48.65 a barrel.

A report from Goldman Sachs is helping support prices. It says that after almost two years of oversupply, the oil market is now in deficit.

"The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected," Goldman says. "The market likely shifted into deficit in May ... driven by both sustained strong demand as well as sharply declining production." 

British Land shares dip

Meadowhall shopping centre
British Land
British Land's Meadowhall shopping centre

Shares in British Land have fallen 1.6% despite the retail, office and leisure landlord saying that the value of its portfolio rose 6.7% and increasing the dividend 2.5% to 28.4p. Maybe the fall had something to do with the warning about “potentially adverse impact of a vote for the UK to leave the European Union”.

Steve Clayton, head of equity research at Hargreaves Lansdown, said: 

The company’s retail portfolio is generally good quality, but there are probably still assets to sell here, especially superstores, where rents are not going up for the foreseeable future. Investors must never forget that property is a volatile asset and in recent years, values have been supported by the very low level of interest rates. If those ever change, the impact on asset values could be uncomfortable, which probably explains why the shares are trading at a significant discount to net asset value."

Come fly with me

George Osborne has made political hacks trek up to Stansted airport this morning for a remain campaign event with Vince Cable, Ed Balls - and Ryanair's Michael O'Leary. 

BBC political editor Laura Kuenssberg tweets:

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