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Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night!

    That's all for tonight from Business Live - thanks for reading. Join us again tomorrow morning from 06:00.

  2. Wall Street falls

    US markets have closed lower after Goldman Sachs led the Dow fallers, shedding 4.7%, while Johnson & Johnson fell 3.1% in the wake of their disappointing quarterly results.

    The Dow Jones Industrial Average fell 0.5% to 20,523 points, while the S&P 500 dropped 0.3% to 2,342 points.

    Tim Ghriskey, chief investment officer of Solaris Asset Management, said: "There is some nervousness out there about the economy, geopolitical issues and general unpredictability as well."

  3. Yahoo back in black

    Yahoo said quarterly revenue rose 22% to $1.33bn, ahead of the $4.5bn sale of its core internet business to Verizon.

    Revenue from "Mavens" - the mobile, video, native and social advertising units that it has touted as key emerging businesses - jumped 35% to $529m in the first quarter to 31 March.

    Net profit came in at $99.4m - rather better than the $99.2m loss for the same period last year.

  4. BreakingIBM keeps sliding

    Not great numbers for IBM, whose revenue declined for the 20th consecutive quarter following weak demand in its technology services business. 

    IBM said revenue fell 2.8% to $18.1bn in the three months to 31 March 31, while net profit fell $251m to $1.75bn.

    Shares slid 3.4% in after-market trading in New York.

  5. Wide open Spaces

    Facebook Spaces

    Facebook has created a virtual space for Facebook friends to meet and interact using virtual reality "as if you were in the same room".

    The social network announced the launch of Facebook Spaces at its F8 developer conference in California, which will enable up to four people to appear in the same virtual space with one another, communicate and play games in real time. 

    The app has been launched in beta for Oculus Rift, the headset built Facebook-owned VR firm Oculus, and will enable users to create a digital avatar of themselves based on their Facebook photos. 

    Spaces also allows users to bring in other Facebook contacts, even those without access to virtual reality, through the ability to video call others via Facebook Messenger. 

  6. Trump takes aim at foreign workers

    US immigration officer

    Donald Trump will review a temporary visa programme used to place foreign workers in highly skilled US jobs.

    The executive order will also direct agencies to enforce rules on excluding foreign contractors from bids for government projects.

    He will sign the "Buy America, Hire America" order on a visit to a tool factory in Wisconsin.

    The order is aimed at fulfilling his "America First" campaign promises.

    Read more here.

  7. iRobot aims to clean up in court

    robotic vacuum cleaner

    Robotic vacuums maker iRobot is suing firms including Hoover and Black & Decker over claims they used its technologies without permission.

    The Massachusetts-based company cites a variety of patents in its legal filings, including misuse of its obstacle-detection system, brush designs and navigation controls.

    It is seeking financial compensation and the right to block further use of its tech. 

    The accused are yet to respond.

    Read more here.

  8. L'Oreal gets cosmetic lift

    A jump in luxury cosmetic sales at L'Oreal offset a weak first quarter for several of the French company's other divisions, it has said.

    Chief executive Jean-Paul Agon said demand for L'Oreal's luxury cosmetics was strong in Asia, with like-for-like sales up 12.2%.

    L'Oreal said that it would decide on a possible sale of retailer The Body Shop in the coming months.

  9. Zuckerberg: 'We have a lot of work to do'

    Facebook logo

    Facebook founder Mark Zuckerberg has given his first response to the incident in Cleveland, Ohio in which a man randomly shot a grandfather on the street and posted a video of the killing to Facebook.

    "Our hearts go out to the family and friends of Robert Godwin Snr," he told an audience at Facebook's annual developers' conference in San Jose, California. 

    "We have a lot of work to do and we will keep doing all we can to prevent tragedies like this from happening."

    The video was visible on the social media site for two hours on Sunday before being taken down.

    The alleged killer was found dead in his car in Erie, Pennsylvania, on Tuesday.

  10. Bank on it

    Times retail editor Deirdre Hipwell - a Zimbabwean herself - tweets this in response to a plan to make livestock including goats, cows and sheep eligible for use as security for bank loans.

    View more on twitter
  11. Trump trademarks 'granted in China'

    Ivanka Trump

    Ivanka Trump's firm won provisional approval for three trademarks in China on the day she sat down to dinner with President Xi Jinping, AP reports.

    This underlines the difficulties for Ivanka Trump of separating business and politics, AP says.

    Ms Trump shifted the brand's assets to a trust to address ethical concerns.

    Meanwhile, a lawsuit against Donald Trump over foreign payments has been widened.

    Citizens for Responsibility and Ethics in Washington expanded a lawsuit accusing Mr Trump of violating the US Constitution by letting his hotels and restaurants accept payments from foreign governments. 

  12. Browne bows out of BBA

    Farewell, then, British Bankers' Association boss Anthony Browne, who plans to step down in the summer.

    His departure is not entirely unexpected, as the trade body is merging with five other finance industry groups to create a new entity called UK Finance. 

    The former Times journalist joined the BBA just two weeks before the Libor rate-rigging scandal broke in 2012. He says he leaves the association in "robust good health", with membership and income at record levels. 

  13. Jaegar to close stores with more than 200 job losses

    Administrators for Jaegar have announced 20 store closures and the loss of 209 jobs.

    Following consultation with all appropriate stakeholders it has become apparent that the operating costs of a number of stores are financially unviable given the Companies’ difficulties. As a result, the Joint Administrators have made the difficult but necessary decision to commence a programme of store closures.

    Stores in Amersham, Belfast, Beverley, Bluewater, Cambridge, Canary Wharf (two), Cheshire Oaks, Chester, Chichester, Edinburgh, Guildford, Henley, Oxford, Ringwood, Stratford-upon-Avon, Truro, Wilmslow, Winchester, and Windsor will close.

    There will be 44 redundancies in Jaegar's head office and distribution.

  14. Wolfson's woe

    Chris Johnston

    Business reporter

    Next store

    We all know retailing is tough, but spare a thought for poor Next chief executive Simon Wolfson. He's having to make do with a total pay package of just £1.8m for the year to January - less than half the £4.3m he took home for the previous 12 months. 

    That what happens when your company reports the first fall in annual profits for eight years I suppose.

    At least Next is being fair - none of his fellow executive directors, nor the non-execs including chairman John Barton, are getting a bonus either, as Next's annual report published today reveals.

  15. Chancellor says taxpayer may make a loss on RBS

    RBS logo

    The government may sell its stake in RBS at a loss to the taxpayer, Chancellor Philip Hammond has said.

    The government bought its stake in the bank for £45bn in 2008, at £5.02 a share, as part of a bailout at the height of the financial crisis.

    But RBS shares are trading at less than half that price at £2.23. 

    Mr Hammond told parliament: "The government is not at present actively marketing its stake in RBS. Our policy remains to return the bank to private hands as soon as we can achieve fair value for the shares, recognising that fair value could well be below what the previous government paid for them. We have to live in the real world and make decisions on the future of our holding in RBS in the best interests of taxpayers."

  16. Harley Davidson shares fall after weak demand for bikes

    Harley Davidson logo

    Weak demand for Harley Davidson motorbikes in the first quarter has led to lower-than-expected retail sales at its dealers, raising concerns that the company could miss its shipment forecast for the year.

    Its shares fell as much as 5% to $56.39, their worst intraday percentage loss in more than two months.

  17. Ballmer's 'wonky' project

    Steve Ballmer

    The New York Times reports on the launch later today of former Microsoft boss, Steve Ballmer's new pet project.

    Called USAFacts, it is, says Mr Ballmer "the first nonpartisan effort to create a fully integrated look at revenue and spending across federal, state and local governments".

    Mr Ballmer admits it will appeal first and foremost to policy wonks. 

    As the NYT suggests: "Want to know how many police officers are employed in various parts of the country and compare that against crime rates? Want to know how much revenue is brought in from parking tickets and the cost to collect? Want to know what percentage of Americans suffer from diagnosed depression and how much the government spends on it? That’s in there. You can slice the numbers in all sorts of ways."

    So if you want to know what the government is doing with all those tax dollars...

    As for Mr Ballmer, he's already spent more than $10m on this.

  18. FTSE 100 closes down 2.5%

    London Stock Exchange

    The blue-chip FTSE 100 share index has closed 2.48% down after Theresa May announced a snap June election.

    Miners dragged on the index, with Glencore and BHP Biliton down more than 5%.

  19. Wall Street falls as Goldman results disappoint

    Quarterly results from corporate heavyweights Goldman Sachs and Johnson & Johnson are dragging down Wall Street indexes.

    The S&P 500 healthcare sector tumbled as Johnson & Johnson fell 3.5% after the company reported quarterly revenue that missed analysts' expectations.

    The Dow Jones Industrial Average was led lower by a 4.1% decline in Goldman Sachs shares, which reported a lower-than-expected quarterly profit due after surprise lower trading revenue.