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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Oil price jumps by 3%
  3. Barclays directors re-elected to the board by big majorities
  4. ITV revenues fall 3% as ad income slips
  5. Toyota reports first profit fall in five years

Live Reporting

By Karen Hoggan

All times stated are UK

Get involved

Good night!

That's all for Business Live for today - thanks for reading. Do join us again from 06:00 tomorrow.

Snap grows outside US

Tech analyst Benedict Evans tweets:

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New Nasdaq record

The Nasdaq Composite added 0.14% to reach a new record closing high of 6,129.1 points. That was before Snap slumped 18% in after-hours trading as Snapchat owner Snap's results disappointed investors. 

The Dow Jones Industrial Average fell 0.16% to 20,943.1 points, while the S&P 500 gained 0.11% to 2,399.6 points. 

Not so pretty as a picture

North America technology reporter Dave Lee explains why Snap shares have sunk so much:

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News and Super Bowl boosts Fox

Fox News sign
Getty Images

Twenty-First Century Fox, the television and film company controlled by Rupert Murdoch, reported a 4.6% rise in quarterly revenue due to strong Super Bowl advertising and high ratings for its cable news channel, Fox News. 

The company, which also owns the Twentieth Century Fox movie studio, said total revenue rose to $7.56bn in the three months to March, up from $7.23bn in the same period last year.

Net profit fell $42m to $799m. 

Snap misses

Snap's adjusted loss of $188.2m was about $10m higher than analysts had expected.

The net loss soared to $2.2bn from $104.6m due to stock-based compensation around its IPO. 

Revenue soared 286% rise for the quarter to almost $150m - again short by $9m of forecasts.

BreakingSnap crackles

Snapchat
Reuters

Snapchat's parent company, Snap, has reported a 36% rise in daily active users to 166 million in the first three months of the year - 2 million fewer than expected. Compared with the previous three months, the total was up just 5% to 158 million.

Investors are not impressed, however: shares have crashed 18% in after-hours trading in New York.

Coty glisters

Those better than expected results for beauty products maker Coty has put a shine on its shares. The stock is up almost 12% at $19.94 in New York, but is still down a quarter over the past 12 months.

Snap shares sink

BuzzFeed's senior technology reporter tweets

Snapshot of Snapchat

BBC North America business reporter tweets

Noel Edmonds seeks compensation

Noel Edomonds
PA

More one the news that Noel Edmonds is seeking half of a £100m compensation pot that Lloyds Banking Group has set aside for victims of a major HBOS fraud (See post at 8:50am).

The Deal or No Deal host claimed he has suffered "deep distress and public humiliation" because of the scandal.

He alleges that Mark Dobson, a HBOS manger who was jailed, helped destroy his business called Unique Group.

Mr Edmonds's lawyers have written to Antonio Horta-Osorio, chief executive of HBOS owner Lloyds, seeking payment.

Two former employees at HBOS's Reading office were part of a £245m loans scam that cheated small business customers by insisting that they use a specific turnaround firm. Read more here

Tunisian army to protect industrial sites

BBC World Service

Beji Caid Essebsi
Getty Images

The Tunisian President, Beji Caid Essebsi has ordered the army to protect key industrial sites amid rising social and economic tensions, reports BBC World Service

There have been weeks of protests and a general strike in parts of the south of the country. 

There's anger over unemployment, and there have been demands that foreign firms hire more Tunisians in the oil, gas and phosphate industries. 

Six years on from the country's "Arab Spring" revolution it's still troubled by the kind of poverty, joblessness and corruption that sparked the uprising.   

Trip down memory lane

As we reported earlier, Vodafone has announced plans to close down its pager business in the UK (See post at 10:14am).

The company said it would try to "minimise the impact on the 1,000 or so customers still using the service".

This video takes a look a clips from the BBC Archive, from when the pager was the new "must have" gadget.

Retro tech: And the beep goes on

Boeing grounds new 737

737 Max
Getty Images

General Electric said Boeing had temporarily halted flights of its new 737 MAX plane due to an issue with the engine, which is jointly made by GE and Safran.

Safran found a quality problem in a disk used in the low-pressure turbine at the rear of the engine, and notified Boeing over the weekend, a GE spokesman said.  

Boeing shares are down about 2% in New York, but have jumped more than a third over the past year.

Changing Barclays boss "unwise" for shareholders

BBC Radio 5 live

Jes Staley
PA

Some more comment on the Barclays vote now - the 5live Drive programme talked to Martin Mortell, research manager for Europe, at Glass Lewis, an advisory firm which looks at company behaviour and advises shareholders how to vote.

He said Glass Lewis took a “pragmatic perspective” on keeping Jes Staley (pictured) in the post of chief executive at Barclays since he's only been there for a short time, as has chairman Sir John McFarlane and the bank is part way through a restructuring.

So “changing leaders would be unwise for long term shareholders,” said Mr Mortell.

He was asked if big shareholders were really only interested in profits. He said that was “too black and white a view”.

Shareholders, he said, clearly do care about governance – as action at businesses like Sports Direct has shown. “The important thing (for Glass Lewis) was that internal compliance held up and did its job, and the board acted swiftly,” Mr Mortell said.

Coty shares jump on strong results

Rimmel ad featuring Cara Delevingne's eyelashes
ASA/PA

Shares in US beauty firm Coty, which owns Rimmel, soared by 15% after it reported better-than-expected quarterly sales and profits. They've subsequently fallen back a bit but are still trading more than 13% ahead.

Coty's been boosted by high demand for labels like Calvin Klein, as well as the hair straightener brand GHD which it bought last year and online cosmetics retailer Younique. 

In the 12 months Coty has bought more than 40 perfume, hair care and make-up brands from Procter & Gamble, making it the third biggest beauty firm in the world.

It's also acquired the personal care and beauty business of Brazil's Hypermarcas, a majority stake in Younique as well as UK brand GHD.

Coty's third quarter sales were 6% higher at $2.03bn on a constant currency basis and after adjusting year-ago sales for the P&G acquisition. 

Change from a tenner?

Speaking of beer (see post at 3:33pm), Business Insider has calculated the most expensive place in the world to grab a cold one. 

Anyone who's been to Oslo won't be surprised it comes out top, with not much change coming back from $10.

In case you're wondering, London is just outside the top 10, closely followed by Edinburgh. It doesn't say how much a beer produced from recycled urine will cost you though...

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Vitamin D deficient? How to top up

BBC World Service

The vitamin pills industry is big business. But is this one vitamin deficiency that can be staved off by a short walk in the park on a sunny day?

Hormones expert Maralyn Druce of St Barts Hospital explained the risks and remedies of Vitamin D deficiency to the BBC's Justin Rowlatt on Business Daily.

Pills vs sunshine - a hormones expert explains the risks and remedies

Wall Street claws back some ground

Let's get a quick update on what's happening on Wall Street now - and shares have managed to recover a bit of lost ground.

The S&P 500 has edged up a shade to stand at 2,398.16, a rise of 1 point or 0.05%.

And the tech-heavy Nasdaq is at  6,127.24, a rise of 7 points or 0.11%.

The Dow Jones, however, has clawed back some ground but it's still 0.17% or 37 points lower at 20,939.20. 

BreakingAdidas flogs golf division

Chris Johnston

Business reporter, BBC News

TaylorMade golf clubs
Getty Images
Rory McIlroy uses TaylorMade golf clubs

Adidas is selling its golf equipment and clothing brands TaylorMade, Adams Golf and Ashworth, to private equity firm KPS Capital Partners for $425m. 

The German sportswear maker put the loss-making business up for sale last year to focus on shoes and clothing. 

Since peaking around 2000, when Tiger Woods was in his prime, the number of people playing golf in the United States - which accounts for half the global golf market - has fallen sharply. 

Given Donald Trump's fondness for hitting the green, that trend is likely to continue.

Bundesbank won't poach banks from London

Andreas Dombret
Getty Images

The German central bank won't fight to attract UK-based banks and institutions which leave London after Brexit, Bundesbank board member Andreas Dombret told US online political magazine, Politico.

Mr Dombret said the German central bank, based in Frankfurt, won't campaign for the city, or offer incentives to attract banks. 

“I am enough of a European that to me, the issue of which city hosts [the relocating banks] is of secondary nature,” he said.    

“You will not see us with a marketing prospectus, we will not be calling banks, we will not be giving discounts or goodies, we will not allow shell companies.” 

Tech execs top US pay rankings

Tim Cook
Getty Images

It's that time of year again when the Bloomberg Pay Index tells us who ranks among the highest paid executives in the US.

Top of the list for 2016 was Jet.com co-founder Marc Lore, whose $236.9m pay package was largely down to the money Wal-Mart paid to buy his online shopping company.

In at number two was Apple's chief executive Tim Cook (pictured), who received $150m. 

John S Weinberg made $124m last year as executive chairman of Evercore Partners, the investment banking firm. Until 2015 Mr Weinberg was co-vice chairman of Goldman Sachs, having been with the bank for decades.. 

At number in the rankings was Google chief executive Sundar Pichai who earned $106.5m, followed by Tesla Elon Musk on $99.7m.

Oil price claws back ground

Oil rig
Reuters

The oil price has taken a battering over the past week, but it's been clawing back ground  on Wednesday ...

Crude oil prices have continued to stabilise after American Petroleum Institute (API) inventories showed a bigger than expected fall, while Iraq and Algeria were reported to favour some form of Opec cut extension, while Saudi Arabia announced it would cut back on its exports to Asia.

Michael HewsonChief market analyst, CMC Markets UK

Oil price surges

Brent crude intraday graphic Wednesday 10 May 2017
bb

The price of Brent Crude Oil has jumped by 3% to $50.20 per barrel.

Meanwhile, West Texas Intermediate is up by 3.4% at $47.42 a barrel. 

It was boosted by signs that Iraq and Algeria would support an extension of the Opec production cuts aimed at curbing global supply. as well as new figures showing a drop in crude oil inventories in the US.

Snap to it

Chris Johnston

Business reporter, BBC News

Snap logo
Reuters

We get Snapchat owner Snap's results after the bell tonight - the first since it listed in New York in March. 

It was the biggest technology IPO since Facebook's in 2012 and Snap's shares jumped 44% on their debut, but have since fallen 6% from that day's closing price.

Investors will be most interested in Snapchat's user numbers and how the service is holding up against encroachments by rivals.

Facebook recently launched Facebook Stories, a near-identical clone of Snapchat's most popular feature, also called Stories.

Bad day for Barclays

Telegraph banking correspondent Ben Martin tweets:

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Ford calls for transitional Brexit deal

Financial Times

Ford logo
Getty Images

The boss of Ford in Europe, Jim Farley, has warned the future of its UK operation is dependent on the government securing a transitional arrangement with the EU if the UK leaves before a new trade deal is signed, reports the Financial Times.  

Speaking at the FT Future of the Car conference in London, Mr Farley said the car company expects the UK and EU to conclude “a very ambitious agreement”. 

But he warned if a deal was not possible inside the two-year negotiating period “it’s critical for the future of our investments in the UK” to secure a transitional arrangement.

“We really believe in a transitional period — that if an agreement isn’t done, at least there’s a transitional period. This should happen if the details aren’t hammered out in time before Brexit. It’s critical for the future of our investments in the UK,” Mr Farley said.

FTSE ahead at close

London Stock Exchange sign
Getty Images

On a pretty quiet day on the London markets the FTSE 100 closed 43 points or 0.59% higher at  7,385.24.

ITV shares saw the biggest fall - down by 2.04% - after revenues fell 3% in the first three months of the year and advertising income dropped 9%. 

Barclays shares spike after vote

Barclays shares shot up after the company saw off a shareholder rebellion earlier today.

Investors voted overwhelmingly in favour of directors' reappointments to the board. 

They closed more than 2% higher.

Diageo to challenge £107m tax bill

Bottles on whisky
Getty Images

Drinks giant Diageo is to be hit with a £107m bill for tax and interest by HM Revenue & Customs. Diageo says it will challenge the move. 

The new diverted profits tax regime came into effect in April 2015,and imposes a 25% 'diverted profits' tax on profits generated by multinational corporations within the UK which are then "artificially shifted" outside in order to pay lower tax. 

Under this regime HMRC is requiring Diageo to pay additional tax and interest of about £107m in total for the financial years ended 30 June 2015 and 30 June 2016.

In a statement Diageo said it didn't believe that it falls within scope of new diverted profits tax regime.

It said it would "challenge the assessments when they are received".

It added that "based on its current assessment, Diageo considers no provision is required in relation to diverted profits tax".

It also said the issue doesn't change Diageo's expectation that its tax rate before exceptional items for year ending 30 June 2017 will be approximately 21%. 

Facebook takes aim at clickbait

Facebook logo
EPA

Could this finally be the end of those annoying "You'll never believe what this actor looks like now" type content on Facebook?

The social networks says it will intensify its crackdown on "clickbait" websites by giving less prominence to links that lead to pages full of deceptive or annoying ads. 

The downgrade of the links was expected to take effect from today on users' news feeds. 

Andrew Bosworth, Facebook's vice-president of ads, said: "People don't want to see this stuff. We're just trying to figure out how to find it and rank it further down news feed when possible."  

Barclays vote results in full

Get more detail here on the Barclays vote - at which the directors were re-elected with huge majorities and the remuneration was overwhelmingly passed.

Barclays sees off shareholder rebellion

More on the Barclays vote. In the case of chief executive Jes Staley, of those who voted, 97.18% were in favour of his reappointment. 

However, there was an 11.98% vote against chairman-designate Sir Ian Cheshire's appointment as a director of the bank.

Barclays directors re-elected

Barclays' directors have been re-elected to the board with predictably large majorities.

There was a rebellion of just 2.82% rebellion against Jes Staley’s re-appointment as chief executive, while 2.78% voted against the remuneration report.

Taking the Pisner?

Barclays heads higher

Barclays share price
BBC

Traders are betting that it'll be good news for Barclays and its under-fire chief executive Jes Staley at this afternoon's AGM vote.

Shares in the bank have been rising since Mr Staley apologised for a whistleblowing scandal, and are currently up 1.3%.

Barclays stock is also being boosted by gains for other UK and European banking shares. HSBC, Lloyds and Deutsche Bank are all up by about 1%.

Pound edges up

Pound, dollar and euro notes
Getty Images

Let's check in on how the pound's doing now - and it has broken through the 1.19 euro level for the first time in more than a fortnight. However, commentators are expecting the real excitement to come tomorrow ...

Sterling exchange rates have generally kept to relatively tight trading ranges ahead of ‘Super Thursday’ tomorrow which will see the Bank of England’s quarterly economic forecasts released alongside the monetary policy announcement and meeting minutes. The March policy meeting revealed a first split vote on interest rates since June’s EU referendum and the pound could receive a boost if there are signs more policymakers could soon follow Kristin Forbes’ lead in favouring higher borrowing costs. For the time being, sterling has again failed to breach the psychological US$1.30 barrier despite the dollar coming under a bit of pressure in the wake of President Trump’s surprise decision to fire FBI Director James Comey.

Chris SaintSenior analyst, Hargreaves Lansdown Currency Service

Wall Street opens lower

Wall Street sign with US flags behind
Getty

The three key US share indexes are trading lower after President Donald Trump sacked the head of the FBI, James Comey, sparking uncertainty in the markets.

Dow Jones Industrial Average is at 20,924.76, a fall of 51 points or 0.24%.

The S&P 500 is down 3 points or 0.12% at 2,394.15. 

And the tech-heavy Nasdaq is at 6,113.66, that's down 7 points or 0.11%. 

Barclays chairman on Corbyn

Jeremy Corbyn
Getty Images

Labour leader Jeremy Corbyn yesterday said "enough was enough" with "greedy bankers" in a speech launching the party's election campaign.

Asked by a Barclays shareholder about the comments, the bank's chairman John McFarlane shrugged it off, saying it is "well known that politicians have impeccable judgement on all matters". 

But he went on to concede: "I think executive compensation is generally too high, so I would support Jeremy Corbyn in that respect." 

Barclays just needs "to make sure that we won't pay for non-performance and I think we do that really quite well", he added.