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Summary

  1. Brexit may spark recession, Carney warns
  2. Bank of England keeps interest rates on hold
  3. Bank of England lowers 2016 growth forecast to 2%
  4. Nissan takes 34% stake in Mitsubishi Motors
  5. TalkTalk profits halve on cyber-attack costs
  6. UK government holds anti-corruption summit

Live Reporting

By Russell Hotten

All times stated are UK

Get involved

  1. Post update

    The livepage is closing for the night. Join us again from 6am tomorrow.

  2. Apple continues its losing streak

    apple share price graph

    Apple shares lost another 2.4%, hitting a near two-year low on continuing iPhone sales concerns. The fall meant the tech giant lost its spot as the world's most valuable company to Google's parent Alphabet.

    The S&P 500 ended broadly flat at 2,064.1 points, a 0.02% fall, despite gains in heavyweights Microsoft, Monsanto and Exxon. Agribusiness Monsanto jumped 9% on reports that German rival Bayer was considering a bid.

    The Dow Jones rose 0.05% to 17,720.5 points, and the Nasdaq fell 0.49% to 4,737.3 points.

  3. More transparency still needed

    London's corruption summit

    Quote Message: The announcement that the beneficial owners of companies registered in six jurisdictions will be publicly disclosed is welcome news for the private sector. Businesses desperately want to check who really owns their suppliers, agents and partners so they can avoid being sucked into corrupt or fraudulent schemes. However, the major offshore jurisdictions still won’t make available information about the beneficial ownership of local companies. Offshore companies can be perfectly legitimate, but that lack of transparency means they are still prone to abuse by fraudsters and corrupt government officials." from Neill Blundell Head of fraud and investigations, Eversheds
    Neill BlundellHead of fraud and investigations, Eversheds
  4. Dow and S&P turn positive

    The S&P 500 and Dow Jones indexes recovered from losses earlier in the session, with gains in telecommunications and consumers shares outweighing a tumble in Apple to a two-year low. 

    Microsoft is up 1.09%. Apple, though, fell as much as 3.3% to its lowest since June 2014, as worries continue over slowing demand for iPhones.

    In mid-afternoon trading the Dow was up 0.19% at 17,745.53 points and the S&P 500 was 0.1% higher at 2,066.52. The Nasdaq was 0.36% lower at 4,743.47 points.

  5. French PM survives no-confidence vote

    Manuel Valls

    French Prime Minister Manuel Valls has survived a no-confidence vote prompted by divisive employment reforms. Tens of thousands of protesters took to the streets in the country's major cities to protest against the changes.

    Amid daily protests and legislative gridlock, the government decided to use a special measure to push the bill through without a vote in the lower house of parliament, prompting the no-confidence vote demanded by political opponents.

    The contested labour changes include longer workdays, relaxing redundancy laws, and weakening union power.

  6. Wind energy firm Dong plans listing

    windfarm

    Danish wind farm developer Dong Energy, which analysts value as high as $13bn (£9bn), says it plans to list its shares on the Copenhagen stock exchange this summer. Having built more than a quarter of the world's offshore wind farms, the company is a major player in the UK and Germany and has recently opened offices in the US and Taiwan to cater for new growth markets. Dong is building one of the world's largest offshore wind farms off the Cumbria cost.

  7. All quiet on Wall Street

    Wall Street sign

    Let's get the latest from Wall Street now - and it's pretty quiet out there.  

    A short while ago the Dow Jones was little changed at 17,606.

    The S&P 500 was down slightly (-0.10%) at 2,063.

    And the Nasdaq was down 0.76% at 4,724.

    Shares in tech giant Apple - which trade on the Nasdaq - fell to below $90 for the first time since 2014 because investors are worried about slow demand when the anticipated new iPhone launches later this year.

    At one point Apple fell to $89.47 but subsequently recovered and a short while ago the shares were trading at $90.20 a fall of 2.5%. 

  8. VW gearing up for recovery plan

    VW logo

    Volkswagen hopes to reach a final settlement with the US authorities over the diesel emissions scandal next month so that it can get moving on a recovery plan which will see the launch of several new crossover and electric vehicles, its sales chief has told Reuters. 

    VW aims to expand its electric-vehicle offerings in the US to meet a growing demand for green cars and help restore its image, VW brand sales chief Juergen Stackmann said in the interview.

    "A final agreement with U.S. authorities would certainly provide relief and, at the same time, give the go-ahead to look and plan ahead," he added. 

  9. PM steps up efforts to recover stolen assets

    BBC World Service

    David Cameron speaking at Anti-Corruption Summit

    British prime minister, David Cameron, has announced the creation of a global forum to step up international efforts to recover stolen assets, World Service reports. 

    The announcement was made at a global anti-corruption summit in London.

    Mr Cameron said the forum would bring together governments and law enforcement agencies from countries that have had assets stolen, together with those from countries where assets are hidden. 

    They will initially focus on returning stolen funds to Nigeria, Ukraine, Sri Lanka and Tunisia. 

    Mr Cameron said Britain had also secured commitments from twenty other countries -including Switzerland, Nigeria, France and Afghanistan - to strengthen legislation to make asset recovery easier.

  10. Has the EU had its accounts signed off?

    Reality Check

    Philip Davies saying: ...they [the EU] haven't had their accounts signed off for 20 years

    Claim: The European Union is so corrupt that the European Court of Auditors has not signed off its accounts for 20 years. 

    Reality Check verdict: The Court of Auditors has signed the EU accounts every year since 2007, while pointing out that EU countries, once they receive the EU funds, misuse about 4.4% of the total budget.

    Read the full Reality Check here.

  11. Carney: being 'open and transparent'

    Amid the row over Bank of England governor Mark Carney's comments on the risks of Brexit, his spokesman has fired back at the critics with this statement.

    Mark Carney
    Quote Message: The Bank of England has not made, and will not make, any overall assessment of the economics of UK’s membership of the European Union. At the same time, the Bank must assess the implications of the UK’s EU membership for our ability to achieve our core objectives and we have a duty to report our evidence-based judgments to Parliament and to the public. That is the fundamental standard of an open and transparent central bank. Assessing and reporting major risks does not mean becoming involved in politics; rather it would be political to suppress important judgments which relate directly to the Bank’s remits and which influence our policy actions.”
  12. FTSE 100 falls after Carney comments

    The FTSE 100 ended 0.95% down at 6,104 points, reversing earlier gains. The fall came after Bank of England boss Mark Carney warned that a vote to leave the EU could hit UK growth and jobs.

    The pound lifted a cent against the euro at €1.27, even though German finance minister Wolfgang Schaeuble said the UK will not get an improved membership deal with the European Union if it votes to leave the 28-nation bloc.

    Sterling was also slightly ahead against the dollar at just under $1.45. 

    Meanwhile, Germany's Dax index was 1% lower, while the Cac 40 in France was down by 0.5%. 

    FTSE 100 winners/loser
  13. Apple's crown slips

    Google's parent Alphabet is once again the world's most valuable company - for the moment, at least. On Wall Street, Apple shares have fallen to an almost two-year low this afternoon. The stock was down as much as 3.2% to $89.56, its lowest since May 2014, as investors continue to fret over the tech giant's trading environment.

    Apple's market cap is now around $493bn, against Alphabet's $498bn.

  14. Iain Duncan Smith: All economic forecasts are wrong in the end

    Video content

    Video caption: Former cabinet minister responds to Bank of England's warning Brexit could spark recession
  15. New M&S boss wastes no time reshaping team

    Emma Simpson

    Business correspondent, BBC News

    The new boss of Marks and Spencer has restructured his top team, a move that has also resulted in the departure of five executives. Among those leaving are the head of Kidswear and Home Director, Stephanie Chen; Store Environment and Product Presentation Director, Florence De Boosere; and M&S's Digital Director, David Walmsley.

    Their roles are being re-jigged in a wider reshuffle which will also see the establishment of a new Operating Committee. This team will be accountable for the day-to-day running of the business as well as for the development and execution of strategy.

    The company has also reduced the number of executive director roles from six to four in a shake up of board responsibilities.

    Ms Chen was hired by former boss Marc Bolland three years ago from House of Fraser as part of a reshuffle to help revive its flagging general merchandise division.

    David Walmsley, joined the business in 2011 after jumping ship from Dixons and had a key role in developing Marks and Spencer's new website.

    Steve Rowe, an M&S veteran, succeeded Marc Bolland as CEO last month and is clearly wasting no time in reshaping his senior team.

    Later this month he will outline his new strategy for Marks and Spencer when he presents the company's full year results.

  16. Brexit campaigners round on Carney

    Jacob Rees Mogg

    Brexit campaigners have strongly criticised Mark Carney - with one describing him as "hysterical" and calling for him to quit as governor of the Bank of England. Treasury Select Committee member Jacob Rees Mogg (above) said Mr Carney's position was now untenable. "He has become an active participant in this debate. He's made hysterical claims," Mr Rees Mogg said. "I think it is unprecedented for the governor of a central bank to suggest that people should short his own currency... Suggesting sterling will fall sharply is simply not what responsible central bankers do." 

    Earlier, former chancellor Lord Lamont said Mr Carney "ought to be quite careful what he says... This is the third time we've had dire warnings from him. Frankly, I think he's going over the top and I think it should not be repeated."

    Lord Lamont said the governor was in danger of stoking a "self-fulfilling crisis".

  17. Why this oil billionaire supports Trump

    Oil billionaire T Boone Pickens tells the BBC's Manuela Saragosa why he thinks Donald Trump would turn the US economy around. But he insists the oil industry doesn't actually need the help of a president.  

    Video content

    Video caption: T Boone Pickens thinks Trump would turn the economy around.
  18. Insider traders sentenced

     A former senior investment banker and an accountant have been jailed for their part in the UK's "largest and most complex insider dealing investigation".

    Former Deutsche Bank managing director Martyn Dodgson was sentenced to four-and- a-half years in prison, the longest term for the crime in the UK.

    Businessman Andrew Hind received three-and-a-half years.

    They were convicted on Monday of conspiring to "insider deal".

    The sentences at Southwark Crown Court bring to a close the Financial Conduct Authority's (FCA) "Operation Tabernula" investigation which began in 2007.

    The FCA described it as its largest and most complex insider dealing investigation. It said the offending was "highly sophisticated" and that the investigation was "demanding and time-consuming".