Thank you for following us on Business Live.
We are back to tomorrow at 6.00am and look forward to you joining us then.
Thank you for following us on Business Live.
We are back to tomorrow at 6.00am and look forward to you joining us then.
Samsung's eye-scanning security technology, used on the new Galaxy S8 smartphone, has been fooled with a photograph and a contact lens.
The iris-scanner can be used to unlock the phone simply by looking at it, which Samsung says provides "airtight security".
But researchers at Chaos Computer Club had easily tricked the device with a picture of an eye, Motherboard said.
Samsung told the BBC it was "aware of the issue". Read more here
The three key US share indexes ended the day ahead on Tuesday.
The Dow Jones closed at 20,937.91, up 43.08 points or 0.21%.
The S&P 500 was at 2,398.42, that's a rise of 4.40 points or 0.18%.
And the tech-heavy Nasdaq was at 6,138.71, up 5.09 points or 0.08%.
Economic figures published earlier were weak but commentators said investors seemed relieved that President Donald Trump's first full budget plan didn't contain any big shocks.
"There were no large surprises. The market is pleased with that," said Wade Balliet, chief investment strategist at Bank of the West.
BBC Business News Reporter
It isn't into Volkswagen territory yet, even though the Department of Justice has accused it of using defeat devices.
For a start, the number of vehicles is much smaller. But there's also the question of what is, and what isn't, a 'defeat device'.
Volkswagen admitted it couldn't make its cars clean enough to pass emissions tests AND enable them to perform well on the road. So it decided to cheat - and deliberately designed a software tool to do just that.
FCA has been accused of fitting software to its cars which wasn't disclosed to regulators, and which made emissions control systems perform in a different way on the road to how they worked in the laboratory.
BUT - carmakers do use a variety of software to regulate emissions control systems, to ensure that they only work at the correct temperature, for example. Otherwise parts of the system can be damaged.
Fiat Chrysler insists it didn't set out to cheat the testing process. It was not, it says, involved in any 'deliberate scheme'.
Nevertheless, it was informed of the Environmental Protection Agency's concerns earlier this year - and asked to provide an explanation.
It seems the authorities, so far at least, aren't satisfied with what they've heard
Administrators have been called in following the collapse of a Glasgow law firm.
Two lawyers and seven administrative staff at Hamilton Burns have been made redundant.
A further four directors and three trainees are being transferred to two separate law firms, according to administrators from FRP Advisory.
Hamilton Burns, which was formed in 2001, specialised in criminal, civil, immigration and matrimonial law.
Joint administrator Tom MacLennan said: "Hamilton Burns WS Limited had been severely affected by a marked reduction in legal aid income and a significant decline in general practice fee income. Read more here
Entertainment One, the owner of Peppa Pig, has announced a 35% increase in revenue but reported pre-tax profits are down due to one off restructuring costs.
Reported pre-tax profits dropped 22% to £37m after it renegotiated one of its main distribution agreements and re-shaped its film division.
Revenue was up £1.08bn from £803m to the year 31st March 2017.
Chairman Allan Leighton said it had been another "strong trading performance".
Last week the company announced it was working on a new series of Peppa Pig.
Revenues for its children's portfolio were up 33% to £89m driven by Peppa Pig which had a "stellar year" according to chief executive, Darren Throop
The annual general meeting at Amazon was a raucous affair on Tuesday.
Protesters gathered outside the meeting in Seattle. Some took Amazon to task for continuing to advertise on right-wing website Breitbart and urged the business to "stop funding hate".
While some pilots for airlines that have contracts with Prime Air asked for Amazon to support their fight for more pay.
Hong Kong airline Cathay Pacific will reportedly cut 800 jobs, 200 more than announced earlier in the week.
The additional job losses will be from the juinor ranks, according to the South China Morning Post.
The carrier is undergoing its biggest restructuring in 20 years as part of a three-year turnaround plan to return to profitability.
Westinghouse Electric, the bankrupt nuclear power company owned by Toshiba, has reached a deal to borrow $800m.
The money will allow Westinghouse to complete a business plan by 27 July and move towards exiting bankruptcy.
The company filed for bankruptcy in March following cost overruns at two nuclear plants in Georgia and South Carolina.
Fiat Chrysler Automobiles has responded to the US Department of Justice's civil lawsuit.
The car maker says it has been working with the US Environmental Protection Agency and the California Air Resources Board "for many months", including extensive testing of the vehicles, to clarify issues related to the Company’s emissions control technology in model year 2014-2016 Jeep Grand Cherokee and Ram 1500 diesel vehicles.
It says: "FCA US is currently reviewing the complaint, but is disappointed that the DOJ-ENRD has chosen to file this lawsuit. The company intends to defend itself vigorously, particularly against any claims that the company engaged in any deliberate scheme to install defeat devices to cheat US emissions tests."
It adds: "Notwithstanding this lawsuit, the company remains committed to working cooperatively with EPA and CARB to resolve the agencies’ concerns quickly and amicably.
Shares in Bunge, a US-based agribusiness and food company, soared by 15.4% to $80.95 on Tuesday following a report by the Wall Street Journal that Swiss mining and commodity giant Glencore has made a takeover approach for the group.
Check out Bunge's share price performance today.
Don't expects major movements on US stock indexes in the coming weeks.
Lisa Kopp, head of traditional investments at US Bank Wealth Management, says: "We're likely to be in a sideways period in the market for the next few weeks as there are quite a bit of pieces of news the market is digesting, including geopolitical developments in Washington and globally."
The Dow Jones Industrial average has edged a little higher, up 45.94 points at 20,940.77, but hasn't made that much progress from its opening price.
US Treasury Secretary Steve Mnuchin tweets:
The US Department of Justice, on behalf of the Environmental Protection Agency, claims that Fiat Chrysler fitted nearly 104,000 Ram 1500 and Jeep Grand Cherokee vehicles (model years 2014 and 2016) with defeat devices.
This allegedly meant that the vehicles could pass federal tests on the level of harmful emissions they produced. However, once on the road the emissions of harmful air pollutants was higher.
Shares in Fiat Chrysler fell 2.9% to $10.44.
The US has filed a civil lawsuit against Fiat Chrysler over claims that 104,000 diesel vehicles contained "defeat" devices which cheated emissions testing.
The FTSE 100 closed down 11.05 points at 7485.29.
The FTSE 250 ended Tuesday up 7.57 points at 19,920.12.
The Trump administration believes that a budget plan to sell off half of America's emergency oil stockpile will not impact prices.
The US Strategic Petroleum Reserve (SPR) holds about 688m barrels of crude oil.
The Trump budget proposes to start selling the oil from fiscal year 2018, which begins on 1 October and hopes to generate sales of $500m. This process would continue for nearly a decade.
White House Budget Director Muck Mulvaney said on Tuesday: "If you do it slowly, if you telegraph it over the course of time, there's a way to do it without a dramatic impact on prices."
Ecuador will support a nine-month extension to oil production cuts.
Oil minister Carlos Pérez said that Opec nations and other major producers will discuss a six or nine-month extension to the deal which began in January and will currently run out in June.
He said: "Six and nine months are both proposals on the table ... we will support the majority, probably the nine months."
Asked if deeper production cuts will be considered at an Opec meeting on Thursday, Mr Pérez said: "Not at this point, I don’t think so."
The FTSE 100 finished Tuesday up 2.45 points at 7498.79.
Babcock International led the risers, up 2.97% at 969.5p, ahead of the company's results on Wednesday.
The FTSE 250 ended up 28.37 points at 19,940.92.
The pound was up 0.02% against the dollar at $1.300.
Brent crude is trading 0.16% up $54.03 a barrel.
West Texas Intermediate is up 0.3% at $51.30 a barrel.
The White House is unveiling a $4.1tr (£3.1tr) budget that would take the axe to the social safety net for the poor.
The plan would sharply slash food stamps, healthcare for low-income patients, disability benefits and eliminate student loan subsidies.
The budget also features an Ivanka Trump plan for paid parental leave.
The US military would receive a 10% boost while $1.6bn would be allocated for a wall on the border with Mexico.
US director of the Office of Management and Budget Mick Mulvaney is outlining the Trump administration's first budget - and the stock markets have barely moved.
The Dow Jones Industrial Average is up 39.27 points at 20,934.10.
The S&P 500 is 4.36 ahead at 2,398.40.
The Nasdaq has risen 6.95 points to 6,140.45.
The FTSE 100 index has closed up 2.45 points at 7,498.79.
The FTSE 250 is 28.37 points ahead at 19,940.92.
Business Live will be back shortly when the markets have settled to give you the final closing numbers.
Oil output cuts could run for a further nine months, according to Algeria energy minister Noureddine Boutarfa.
Ahead of a key meeting in Vienna on Thursday between Opec and other major oil producing nations, Mr Boutarfa said: "Right now we are talking about nine months."
The current deal, to reduce output by 1.8m barrels a day, began in January and will end in June.
US tax reform is now going to happen by the end of the year, according to Treasury Secretary who said in February it would happen by August.
Mr Mnuchin said on Tuesday: "Our objective is to get that done this year, and I'm still hopeful that that's the case."
US Treasury Secretary Steve Mnuchin says that he does not expect to get economic growth to 3% GDP this year or next.
Speaking ahead of President Donald Trump's first budget proposal due later today, Mr Mnuchin says it will phase in over time and will be helped by tax reform, new trade deals and better regulations.
He also claims that the country's unemployment rate could be as high as 8.5%.
Mr Mnuchin said that the "real unemployment rate is somewhere between 4.5% and 8.5%". Most recent data said it was 4.4% for April.
Business Presenter, BBC Radio 4 Today programme
Some have speculated the reduction in show gardens was a corporate reaction to austerity and Brexit; a show garden here will cost its sponsor about £200,000.
But Chelsea veterans and fundraisers doubted there had been a conscious decision to avoid potentially bad PR; it was instead, they said, simple cost-cutting. “It’s just too hard to justify when every other budget is being hacked,” said the corporate affairs boss of one City institution.
There is another more subtle explanation for Chelsea losing its oomph; the big four accounting firms, PWC, Deloitte, KPMG and EY are increasingly deciding not to invite the companies they audit to corporate events for fear of being seen as trying to influence management decisions when it comes to auditor appointments. This has denuded Chelsea of one of its big source of potential ticket revenues.
It would far too soon, however, to call time on the Chelsea Flower Show. Those who have predicted its decline have been made to look foolish, and the global elite has a powerful inclination to sip champagne in the sunshine at an event that confirms their elevated status.
Can you guess the world's most valuable brand? BBC Business Live will give you a clue...it begins with "A".
Forbes has calculated which company names are worth the most money and it should come as no surprise to anyone that Apple is the world's most valuable brand, worth $170bn.
It is followed by Google, Microsoft, Facebook and Coca-Cola.
So, whoever came up with "Boaty McBoatface" needs to register that, quick sharp.
US new home sales tumbled by 11.4% between March and April.
The US Commerce Department said sales fell to 569,000, below the 615,000 expected.
Sales for March were revised up to 642,000, the highest level since October 2007.
The governor of the Bank of England has fallen victim to the same prankster who tricked Barclays boss Jes Staley into comparing his chairman to Eric Clapton.
This time, the mysterious emailer pretended to be Anthony Habgood, chairman of the Court at the Bank of England.
In the emails, governor Mark Carney jokes about predecessor Eddie George and his love of a tipple or two..."before lunch".
But when the Anthony Habgood imposter makes salacious remarks about "dashing bar ladies", Mr Carney pulls him up sharply. "Sorry Anthony. Not appropriate at all," he says.
The Bank of England confirmed that the emails are authentic but declined to comment further.
And so it rumbles on.
Michael McGarry, chief executive of PPG, the US paints and coverings business, is still interested in agreeing a "consensual" deal with Akzo Nobel, the owner of Dulux.
The Dutch business has rejected a 26.3bn euros takeover approach from PPG. Now shareholders have approached a Dutch court seeking an extraordinary general meeting to oust Akzo Nobel's chairman Antony Burgmans.
PPG has also sent a request to the Dutch financial markets regulator AFM for a two week extension to the deadline by which the US company must make a formal offer for Akzo Nobel.
German police have searched the offices of Daimler, which makes Mercedes-Benz vehicles, as part of an investigation into possible manipulation of emissions data by employees.
Reuters reports that 23 prosecutors and 230 police officers participated in the search of 11 sites across Germany on Tuesday.
Daimler said: "The company is fully cooperating with the authorities."
It added that the probe targeted "known and unknown employees of Daimler AG over suspicion of fraud" and misleading advertising related to the possible manipulation of exhaust gas emissions in passenger cars with diesel engines.
The Dow Jones Industrial Average opened 35.09 points higher at 20,929.92.
The S&P 500 is up 2.93 points at 2,396.95.
The Nasdaq is ahead 9.17 points at 6,142.79.
Before the US stock markets opened, traders at the New York Stock Exchange held a minute silence for the victims of the bomb attack in Manchester on Monday.
BBC Business Editor
The chances of seeing Fred Goodwin, the disgraced former boss of Royal Bank of Scotland, explaining in open court how he led the bank to disaster are rapidly receding.
Many people - not only journalists - will be disappointed.
Peace has broken out between Apple and Nokia over that most thorniest of issues - patents.
In December, Nokia sued Apple claiming the company had breached 32 technology patents covering displays, user interfaces and video encoding.
The two companies have now signed a deal allowing Apple to use the technology, and Nokia will receive an up-front cash payment.
More from the CBI on retail and spending.
Its Quarterly Distributive Trades Survey of 117 retailers found that they expected sales to grow marginally in June but then will remain below the long-run average.
Demand for clothing slowed sharply in the year to May while grocers' sales stalled following two months of growth. On the upside, the DIY and hardware sectors were "robust".
The survey showed that average selling prices rose at the fastest pace in six years.
The CBI's principal economist Alpesh Paleja, said: "Retail sales flattened out this month, as the bounce in April unwound.
"It’s clear that households are increasingly feeling the pinch, as rising inflation pushes down on real earnings. Taken together with higher import cost pressures from a weaker pound, this is creating a challenging environment for retailers.”
Business Presenter, BBC Radio 4 Today programme
Lakshmi Mittal chatting to Richard Desmond while Antonio Horta Osorio brushes past? Welcome to the first night of the Chelsea Flower Show, which has for years been the City’s networking event par excellence, with, of course, a horticultural event attached.
Many events in the London summer season command a decent business audience – finals weekend at Wimbledon, the first day of a Lords test match, the annual Sky and ITV parties.
None packs quite the punch of Chelsea, however, which brings together those at the top of big companies – the chairmen, chief executives and board members who direct the FTSE 100 and FTSE 250 companies – with the power brokers, the investment bankers, hedge fund giants and private equity entrepreneurs who are always on the lookout for the next big deal.
Even the banking crisis a decade ago failed to make much of a dent in Chelsea’ overweening opulence; it paused for breath then carried on regardless.
But what crisis could not do, cost and regulation might. This week’s event was remarkably muted, with eight show gardens (there are normally 16) and noticeably fewer people.
Talks in Brussels to solve Greece’s debt problems mayhave failed, but officials in Athens were keen to stress today that a vital loan payment needed to avert a July default had been agreed.
Dimitris Tzanakopoulos, a Greece government spokesman, said: "The outcome of the talks is not connected to the loan disbursement, the issue was settled [last night].”
A new meeting is scheduled for 15th June after last night’s talks collapsed after the International Monetary Fund called on the eurozone to provide a detailed commitment to debt relief for Greece.
Germany is leading the charge against any writedown of debts, helped in part due to the government not wanting to appear weak in upcoming elections despite a new round of austerity measures introduced in Greece.
Shareholders in Royal Dutch Shell have overwhelmingly rejected a proposal by environmental activists calling on the company to publish annual targets to reduce carbon emissions.
More than 94% of shareholders rejected the proposal, which had the backing of the Church of England, itself an investor in Shell.
The company did lay out its plans to cut emissions, including highlighting its carbon capture technology, and the commitments were widely supported in the meeting room in The Hague.
But bosses rejected binding emissions reduction targets, because it would "tie its hands" on what customers could and couldn't buy from them.
They urged governments and organisations to commit to further reductions.