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Summary

  1. Federal Reserve keeps interest rates unchanged
  2. Greece warns of 'painful' EU exit risk
  3. RBS payments failure could last days

Live Reporting

By Katie Hope

All times stated are UK

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  1. 'Dovish' Yellen

    dove bird

    Overall Janet Yellen's comments were "pretty dovish" says Brent Schutte, market strategist at BMO Global Asset Management. "She emphasised more the slow and gradual pace... than the absolute start date, which was a way of telling the market 'we're going to continue to support it."

  2. Wall Street ends higher

    Shares on Wall Street have ended the day higher after Federal Reserve chair Janet Yellen helped to reassure US investors that when rates do rise they will do so only gradually. The Dow Jones industrial average closed 0.2% up at 17,934.71, with the S&P 500 also 0.2% up at 2,100.34, while the tech-heavy Nasdaq also rose 0.2% ending the day at 5,064.88.

  3. Russia aviation 'resilient'

    BBC World News

    Giorgio Callegari, Aeroflot Russian Airlines deputy chief executive, tells BBC's World Business Report that the business is resilient in the face of sanctions and the Ukraine crisis: "Car registrations, which always give a good indication on how much people are willing to spend on goods have gone down 40% in the first quarter of 2015, aviation traffic has [gone] down between 2-3%," he says.

  4. September lift-off?

    Now Janet Yellen has stopped speaking, analysts are assessing what she said. Capital Economics' chief US economist Paul Ashworth says he expects two US rate rises this year - one in September and one in December. But he also expects rising wage growth and inflation to force the Fed to raise rates faster than it's currently suggesting. He expects rates to be between 2.75% and 3% by the end of next year - much higher than the 1.75% the Fed itself is projecting.

  5. JP Morgan chair dies

    Jimmy Lee

    JP Morgan's vice chairman and former investment bank head Jimmy Lee has died unexpectedly, the bank has said in a statement. The veteran banker worked in the banking sector for almost four decades. "Jimmy made an indelible and invaluable contribution to our company, our people, our clients and our industry over his nearly 40 years of dedicated and selfless service," said Jamie Dimon, JPMorgan's chair and chief executive.

  6. Wall Street boosted by Janet Yellen

    US investors appear to be liking what Janet Yellen is saying with all three of the main indexes inching slightly higher during her press conference. The Dow Jones industrial average, S&P 500 and Nasdaq are all up 0.4%. "The Fed is talking about the labour market tightening somewhat, which seems to be a hint that it is a step closer to raising rates. At the same time, it seems like there was a notching down of the magnitude of rate hike expectations," said Nick Kalivas, senior equity product strategist at Invesco PowerShares.

  7. Increase this year 'is possible'

    Pushed on whether the Fed will definitely raise rates this year, Federal Reserve chair Janet Yellen all but says yes. She says most of the Fed Committee believes a rate hike this year "will be appropriate", and says forthcoming data will possibly support this move:"Certainly an increase this year is possible." But she says it all depends on forthcoming data. "No decision has been made by the committee about what the right time is for an increase," she adds.

  8. Yellen says rate rises will be 'gradual'

    Federal Reserve chair Janet Yellen says she expects improvements in the US economy to warrant only gradual increases. She says the median forecast from the committee is for the first interest rate increase later this year, with the rate expected to rise to 1.75% in late 2016.

  9. Janet Yellen takes the stage

    Janet Yellen

    Federal Reserve chair Janet Yellen has started her press conference. She says she expects the first rate increase once the Federal Reserve has seen further improvement in the labour market and is confident that inflation will move back to 2% target over the medium term. She says these conditions have not yet been achieved. But she also reassures that even once the Fed has hiked rates for the first time, monetary policy will continue to remain "accommodative", suggesting that rates will remain low for some time.

  10. Greek update

    BBC World News

    Alexis Tsipras

    Greek Prime Minister Tsipras "doesn't have the guts to let Greece leave the euro", Greek economist Elias Papaioannou has told the BBC's World Business Report. His comments come after Greece's central bank earlier warned for the first time that the country could be on a "painful course" to default and exit from both the eurozone and the EU.

  11. US rate hike by end of year 'inevitable'

    A rate hike by the end of the year, is now "inevitable", according to the chief market strategist at Phoenix Financial Services. "The Fed has two criteria: labour market improvement, which we continue to see, and confidence that inflation will move to its objectives. That's starting to happen."

  12. Wall Street edges higher

    Stocks are edging higher after the Federal Reserve said it would keep interest rates close to zero. The Dow Jones industrial average, S&P 500 and Nasdaq are all currently 0.2% higher.

  13. Fed says conditions are picking up

    The Fed's statement says that the job market, the housing industry and consumer spending are all improving. This is a sharp contrast with its previous statement in April, when it noted that the economy weakened during winter.

  14. Fed decision was unanimous

    The Fed statement reveals that the decision was unanimous. It reiterates that when it does begin to hike rates, "it will take a balanced approach". "The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run," it says in the statement.

  15. Post update

    The Federal Reserve has decided to keep interest rates unchanged at close to zero. "The Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate," it said in a statement.

  16. Greek banks losing 300-400m euros a day

    Greek deposits are flooding out of Greek banks according to London Business School's Dr Elias Papaioannou. He tells World Business Report: "The estimates that we hear are that banks have been losing 300-400m euros a day."

  17. 'I would like to buy Arsenal'

    Nigerian billionaire Aliko Dangote

    Nigerian billionaire Aliko Dangote has a dream - he wants to buy Arsenal Football Club. He told the BBC Hausa service that the building of an oil refinery in his homeland will give him the finance to secure a takeover. The 58-year-old, who has an estimated wealth of about $18bn (£11.5bn), says he has supported the Gunners since the 1980s. American Stan Kroenke is Arsenal's majority shareholder, owning 67% of the club's parent company Arsenal Holdings. Unfortunately for Mr Dangote he shows no sign of wanting to sell.

  18. All eyes on the Fed

    The Fed's rate decision will be out at 19:00, with a press conference at 19:30. While no change to the actual rate is expected, many analysts are expecting a signal as to when it will go up. "The Fed will send out another message which lays down the groundwork for a rate rise in August or September," said Andrew Barber, chief market strategist at Eagleview Capital.

  19. Via Blog

    Kamal Ahmed

    BBC business editor

    BBC business editor Kamal Ahmed looks at how robust banking technology is given RBS' payment problems. "After the major failure of 2012, which dragged on for weeks, again RBS has revealed that its technological processes lack essential robustness," he writes. Read more here.

  20. Microsoft management speak

    Microsoft announced the changes to its staff via email in what appears to be its very own management speak. According to the official press release, the changes at the tech firm are "to drive engineering alignment against the company's core ambitions: reinvent productivity and business processes, build the intelligent cloud platform, and create more personal computing." If you say so...

  21. Microsoft management shake-up

    Stephen Elop

    It's all change at Microsoft. Former Nokia boss Stephen Elop, who joined the firm last year when Microsoft bought the Finnish company's handset business, is leaving as part of a management shake-up. Mr Elop was once considered a potential successor to former chief executive Steve Ballmer.

  22. More on US mortgages

    The changes were part of a settlement with US regulators following the financial crisis over the banks mishandling of mortgage servicing activities. The OCC said banks had so far paid borrowers $2.7bn (£1.7bn) as a result. But it said it still expected some $280m to be unclaimed by the end of the year.

  23. US regulator gets tough on mortgages

    HSBC, Wells Fargo and four other banks have all had their mortgage servicing business restricted after they failed to make some changes aimed at improving the services. US bank regulator, The Office of the Comptroller of the Currency (OCC), said Wells Fargo and HSBC faced the toughest restrictions, but said JPMorgan Chase, EverBank, Santander and US Bank would also have certain activities limited. However, none of the banks will be prevented from making new loans.

  24. FedEx falls

    FedEx van

    FedEx shares are one of the biggest fallers on Wall Street, down 2.8%. The delivery firm earlier reported a fourth quarter loss of $895m (£569m), with pension costs, a stronger US dollar and lower fuel surcharges due to the lower oil price all weighing.

  25. Wall Street opens higher

    US stocks have all opened slightly higher, despite investor jitters over the Federal Reserve policy statement due later. Both the Dow Jones and the S&P 500 are currently 0.2% higher, with the tech-heavy Nasdaq up 0.3%.

  26. No more double chins?

    botox

    Dublin drugmaker Allergan - which makes Botox - is buying US firm Kythera Biopharmaceuticals for $2.1bn. Kythera makes a drug which is said to help destroy fat cells below the chin. It's the latest deal in a very active industry. Allergan itself was bought by Actavis for about $70.5bn earlier this year.

  27. RBS payment delay 'unacceptable'

    Treasury Committee chair Andrew Tyrie has criticised the RBS payments failure. RBS has said 600,000 payments that failed to enter the accounts of its customers overnight may not be completed until the end of the week, a delay Mr Tyrie said was "unacceptable". "Restoration of payments should be a top priority. It is crucial for those in the greatest financial need and also those who find it difficult to go to a branch.

  28. 15th July deadline

    According to the Takeover Panel rules, US firm Middleby must announce a firm intention to make an offer by the end of trading on 15th July.

  29. Aga shares heat up

    Aga share charts

    Shares in range cooker manufacturer Aga have surged 25%, forcing the firm to issue an official statement, confirming that it is in discussions with The Middleby Corporation regarding a possible offer. "There can be no certainty that any formal offer will be made, or as to the terms of any offer," it says.

  30. No office sleepovers

    Man sleeping

    Wall Street Bank Goldman Sachs is reported to have officially banned all nighters for its summer interns. Goldman has told them they must be out of the office between midnight and 7am, leaving them just 17 hours to work a day. Banks generally have cracked down on excessive hours after the death of a Bank of America intern in 2013.

  31. Fed watch

    Janet Yellen

    It's not only Greece making investors jittery, they're also wary ahead of tonight's policy statement from the Federal Reserve. Investors will be looking for signs of when the US central bank will begin raising its key interest rate after holding it close to zero for more than six years. The BBC's World Services economics correspondent Andrew Walker says it won't be yet. Read more here.

  32. Eurogroup president election delayed

    The election of the next president of the Eurogroup of eurozone finance ministers has been delayed until next month. Current head Jeroen Dijsselbloem - one of only two candidates in the running - said it had postponed the election so they could focus their attention on Greece.

  33. Post update

    Howard Mustoe

    Business reporter

    That's all from the morning team. Katie Hope is here to guide you through the rest of the day's business news. Join us again from 06:00.

  34. Betfair shares

    shares

    Online gambling firm Betfair, which earlier unveiled upbeat results, has fallen about 3.3%, one of the biggest fallers in the FTSE 250 index. Broker Panmure Gordon cut its rating to "hold" from "buy" citing the firm's higher valuation.

  35. Market Update

    London's FTSE 100 index of larger companies' shares edged lower by 0.5% to 6,678.40, having traded as high as 6,731.54 earlier in the day. Research from Credit Suisse seeing "few opportunities" for grocers was followed by a drop from Tesco of 1.37%, Sainsbury of 0.42% and Morrison 1%.

  36. Poland wage rises

    Polish corporate sector wages rose by 3.2% in May from the prior year, according to the statistics office. Before you get your passport and dust off your CV, that move took the average wage to 4,002 zlotys (£689) per month.

  37. $2.1bn to eradicate chin flab

    A vial of Botox, manufactured by Allergan

    The pharmaceuticals industry has delighted us with news of another acquisition - Ireland-based Allergan - which manufactures Botox - has announced it will buy Kythera Biopharmaceuticals for $2.1bn in a cash and stock deal. Kythera makes Kybella - the first and only approved non-surgical treatment to reduce fat under the chin. Allergan says the acquisition "complements Allergan's existing position in facial aesthetics".

  38. Paris Air Show

    Airbus's whale of the skies

    BelugaXL

    Airbus's monster Beluga is about to get bigger after the planemaker announced a string of suppliers to upgrade the aircraft. It is used to transport Airbus parts around its European factories, including the UK, where wings are made. The Beluga XL's extra one metre in width and six metres in length will allow it to carry two wings at a time for Airbus' new A350 XWB aircraft. The new Beluga enters service in 2019.

    Beluga
  39. Via Twitter

    John Mervin

    New York business editor, BBC News

    tweet: "We need a leader that can bring back our jobs, can bring back our manufacturing" -Donald Trump delivers a message Republicans need via @nypost

  40. Marketing magic

    BBC Radio 4

    So, what's the new way? Saatchi has a "hypothesis" to balance the two, says Mr MacLennan, combining both the science behind an advert's effectiveness and the creativity that makes it memorable and new. Like uniting two warring medieval houses, presumably, but with less blood and betrayal and more Apple Mac computers and cocktails, to stick with his battle analogy.

  41. Marketing magic

    BBC Radio 4

    pic

    Earlier on the Today programme, which is now available on the website, presenter Simon Jack interviewed M&C Saatchi executive Moray MacLennan. "There's been a battle raging in ad land," he says. Not literally, we assume? It's between the scientists, who say advertising's effectiveness can be measured through algorithms; and the artists, who revel in the creative side of things.

  42. Via Twitter

    Oil & Gas conference in Aberdeen

    Douglas Fraser

    Business and economy editor, Scotland

    tweet: Deirdre Michie, new @oilandgasuk CEO, tells industry to prepare for long-term $60 barrel. Many still not making money at that price

  43. Indian micro-financier receives bank status

    An Indian woman sat at her sewing machine receiving advice on microfinancing

    Indian microfinancing group Bandhan has received regulatory approval from the Reserve Bank of India to operate as a bank. Bandhan has been operating since 2001, offering small loans to poverty-stricken Indians, so they can start their own businesses. Bandhan currently has around 10 million customers and over 500 branches in the country. Becoming a bank normally means stricter regulation, but often also being allowed to take deposits.

  44. China steps up economic investment

    A Chinese farmer working in Jiangsu province

    China will be stepping up investment in some sectors to support its slowing economy, its government has announced. It also intends to increase investment to transform run-down areas and dilapidated houses. It plans to invest in rural electricity infrastructure, the State Council added.

  45. Britain prepares for 'Grexit'

    Britain is "stepping up" preparations for a possible Greek exit from the EU, says a spokeswoman for British PM David Cameron, adding that the British government believes a Greek default would be a "serious economic risk".

  46. Greek central bank warning

    EU and Greek flags

    About €30bn was withdrawn from Greek bank deposits between October and April, the Greek central bank said. And it could point to a "painful course" towards a Greek default and Grexit.

  47. New CBI president

    The CBI - Confederation of British Industry - has appointed new president Paul Drechsler, chairman of Bibby Group, to succeed Sir Mike Rake. Mr Drechsler said: "While EU reform is top of the agenda, we mustn't lose track of other important growth priorities, including ensuring we have an education system that addresses skills shortages and enables all young people to have fulfilling careers."

  48. Via Email

    Greek central bank warning

    Andrew Walker

    BBC World Service Economics correspondent

    The Greek Central Bank has warned that a failure of the continuing talks between the country's government and its international creditors would ultimately lead to the country's departure from the Euro and, most likely from the European Union. In a report to the Parliament and Cabinet, the Bank of Greece said exit from the Euro would imply soaring inflation and a deep recession.

  49. Via Twitter

    Oil & Gas conference in Aberdeen

    Douglas Fraser

    Business and economy editor, Scotland

    tweet: Oil + Gas UK conf'ce: @NicolaSturgeon wants wider scope for investment tax allowance in July budget: exploration allowance, incl drill fails

  50. Greece 'main risk' to euro zone?

    Eurozone ministers are to include a "short discussion" on Greece on Thursday as part of the Eurogroup meeting, said one EU official. "I honestly believe this will be pretty short" said the official, who added that the IMF sees Greece as the "main risk to the euro zone."

  51. UK wage growth 'may fade'

    Vicky Redwood, chief UK economist at Capital Economics, says the pick up in wage growth "may fade soon given that the labour market recovery seems to be slowing".

  52. Via Blog

    Will ECB keep Greece afloat for another week?

    Robert Peston

    Economics editor

    The point, I suppose, is that the ECB wants to maintain the fiction that the power of life and death over the Greek financial system and economy is actually with Greece's creditors, namely the IMF and eurozone governments." Read the rest of Robert's blog on the website.

  53. Via Twitter

    Andy Verity

    Business reporter

    tweet: Regular pay (excluding bonuses) was up 2.7% vs expectations of 2.5% - highest since crisis

  54. Unemployment statistics

    table

    Total UK public sector employment decreased by 59,000 to 5.372 million in the first quarter compared to a year ago, according to the ONS. That is its lowest level since the statistics were first gathered in 1999, it said. The graph shows some of the reasons for some of the declines over time. Private sector employment rose 483,000 to 25.68 million during the same period of time.

  55. AIM nears 20 years

    On 19 June, AIM, which used to call itself the Alternative Investment Market, will be 20 years old. The FTSE AIM, which lists generally smaller companies, is 24% below its starting level, though, according to broker Hargreaves Lansdown. There are still some diamonds in all that rough, however. £1,000 invested in ASOS at launch would now be worth £160,000, according to their maths.

  56. Unemployment statistics

    In February to April there were 1.81 million unemployed people - this was 43,000 fewer than for the 3 months to January 2015 and 349,000 fewer than for a year earlier, says the Office for National Statistics. Stay tuned for some analysis on that figure.

  57. Cognac maker Remy Cointreau sales drop

    Remy Martin cognac bottle and a glass

    The owner of cognac Remy Martin has reported a 6.4% drop in sales for the year ending 31 March, although operating profit was up to €156m, from €150.2m in the previous year. The spirits and liqueur maker Remy Cointreau said: "This modest growth reflects continued strength in the US and positive trends in Europe."

  58. Natwest 'missing payments'

    Kevin Peachey

    Personal finance reporter, BBC News

    Complaints on twitter include payments of tax credits and disability living allowance not going in. NatWest owner RBS said "We will ensure no customers are left out of pocket as a result of this issue... We've now identified the cause and it has been fixed so our priority is to update those accounts that don't have the correct details." About 600,000 transactions are affected, says the bank. That's quite a small percentage, they say.

  59. NatWest 'missing payments'

    a person standing at natwest cash machines

    NatWest Bank says it is investigating after some customer payments are found to be "missing" from accounts this morning. NatWest tweeted: "Some Customer payments are missing this morning - we are investigating this issue as a matter of urgency. If you have been affected and need to access funds today, please contact us 03457 888444 or visit your branch"

  60. Newspaper review

    review

    What's in the business pages today? The Financial Times reports on Eurozone bonds being buffeted as investors fear here won't be an agreement on how Greece will manage its debts. The Wall St Journal reports on French and Italian efforts to come to an agreement over migrants who have travelled from Italy to France after fleeing Africa and the Middle East.

  61. Forex saga

    South Korea's competition regulator says it has opened an investigation to see whether alleged foreign-exchange market rigging harmed the efforts of local firms. Six global banks were fined in a US and Europe foreign exchange probe. Fair Trade Commission head Jeong Jae-Chan told a parliamentary hearing about the probe.

  62. JD Sports

    getty

    A quick update from sportswear retailers JD Sports. Executive Chairman Peter Cowgill, said: "The Board is pleased that the Group has made a strong start in the first 19 weeks of the new financial year. We remain pleased with the growing level of sales in Europe although the weak Euro will impact our margins in our JD stores outside the UK."

  63. British property firm discourages 'Brexit'

    British property company Berkeley has announced full year pre-tax profits for the year ending April 2015 - which are up to £539.7m, from £380m the previous year. The company also took this as an opportunity to show its support for Britain remaining in the EU: "...political uncertainty remains with the London Mayoral Election and referendum on Britain's relationship with Europe on the horizon. Berkeley is a supporter of the UK remaining in Europe as this is the best way for London to remain a world city."

  64. Betfair results

    horses

    A bullish full-year statement from Betfair chief executive Breon Corcoran: "Our investments are working, the business now operates at pace and our people have a strong will to win." Profit before tax for the year to 30 April rose to £101.2m from £61.1m.

  65. Starbucks pastry store closures

    La Boulange store in San Francisco

    Starbucks has said it will be closing all 23 of its pastry stores, called La Boulange, located mostly in San Francisco. "Starbucks has determined La Boulange stores are not sustainable for the company's long-term growth." Ouch.

  66. Greek bond sell-off

    BBC Radio 4

    Some assessment of what happened yesterday in the financial markets on Today. Bond yields were all over the place as investors fret over Greece. Jane Sydenham from money manager Rathbones says "nobody knows what the mechanism for any exit will be, if there is one... so markets are going to be quite volatile... There's very little talk of practical solutions which suggests the gap is quite wide," between Greece and its creditors.

  67. Via Twitter

    Sally Bundock

    Presenter, World Business Report

    tweet: Morning. We are on #Fed watch again with @BizFleury. Plus is #TPP about to collapse? Also attempts to simplify #corporationtax in the #EU

  68. Employment data

    BBC Radio 4

    today

    The Bank of England probably won't raise rates until inflation gets to "1% or above," Mr Dixon tells Today. "That's going to be the early months of 2016," he expects. True unemployment is closer to 10% rather than 5% if you factor in people working in less secure jobs, he adds. "I think measuring this headline unemployment rate is perhaps a misleading indicator of the true extent of labour market slack."

  69. Employment data

    BBC Radio 4

    Jobs and earnings data comes today. Unemployment is expected to fall. Peter Dixon, an economist at Commerzbank, tells the Today programme wages may rise 2.5% which - with inflation at zero - means a real increase. On the unemployment front, we are a "long way" from full employment because of the number of part-time and zero-hours workers, he says.

  70. Oil industry improvements

    Radio 5 live

    How to make the oil industry viable amidst price volatility and increasing costs? Ahead of a conference of energy bosses in Aberdeen today, Gordon Coburn from accountancy firm PWC has conducted a study in to the future of North Sea oil. He told Wake Up To Money: "There is a relatively small area that needs focus. The need for very strong visionary leadership in organisation that doesn't just look at the next six months is going to be a very critical component of success... (also) there needs to be more collaboration across supply chains, and also we're all interested to see how effective the new oil and gas regulator is going to be."

  71. US interest rate predictions

    Radio 5 live

    A US flag with the White House in the background

    Ahead of a US interest rate decision later this evening, Jane Sydenham from Rathbones told Wake Up To Money: "Our expectation is for a rate rise in September. We think it'll be slow. It's the pace of subsequent rises that matters. If we have a relatively low inflation environment and steady growth, that's a pretty good background for markets. If the pace of those rises picked up, then investors would become more nervous."

  72. Markets would 'recover' from Greek default

    Radio 5 live

    The flags of Greece and the EU

    How would stock markets weather a Greek default? Jane Sydenham from Rathbones told Wake Up To Money: "There would be volatility and nervousness so short term volatility aside, I suspect economic growth elsewhere is robust enough to support markets, so we'd recover from it."

  73. Wage pick up 'driven by private sector'

    Radio 5 live

    Alan Clarke, economist from Scotiabank told Wake Up To Money "I think the annual pace of wage growth will grow to 2.6%. We know it's certainly not the public sector leading that growth because of austerity and pay freezes, so the private sector is doing the heavy lifting."

  74. Greek bond sell-off

    Radio 5 live

    As a European bond sell-off continues in the face of Greece so far being unable to secure a bailout from its international creditors, Jane Sydenham, investment director at Rathbones told Wake Up To Money: "When you go back to 2011 - 2012, which is when we last started worrying the eurozone break up, there was a lot more of a link between Greek banks and the rest of the eurozone and that's now very little, there's very little between crossover between Greek banks and the rest of the eurozone banks. In a sense you can say the problem is more contained."

  75. UK wages 'growing'

    Radio 5 live

    pounds and coins

    Ahead of jobs and pay statistics out at around 0930, Laura Gardner from the Resolution Foundation told Wake Up To Money that they expect to see a growth in wages: "We've heard good news on employment and we expect pay to match that. We expect real wages to be growing at their strongest since rate before the crash, and expect growth of around 2%."

  76. Good morning

    Today we'll be keeping you across UK monthly employment and labour statistics at around 0930 BST. Betfair full year results are also expected later - and we'll be watching what markets are doing ahead of a US interest rate decision in the evening.