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Summary

  1. FTSE 100 loses further ground
  2. Pound falls back below $1.28 and 1.19 euros
  3. Burberry shares sink almost 8%
  4. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night!

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    That's all from Business Live for today - thanks for joining us.

    We'll be back from 06:00 tomorrow with all the breaking business and economics news and views, so do join us then.

  2. eBay profits soar

    In more results after the bell on Wall Street, eBay reported a modest rise in quarterly revenue as more shoppers visited its e-commerce websites and efforts to revamp its platform paid off. 

    Net profit rose more than doubled to $1.04bn for the three months to 31 March, while revenue rose 3.7% to $2.22bn.

  3. AmEx suffers

    American Express posted a 13% fall in first-quarter profit as it spent more on premium rewards to retain customers in a very competitive credit card market.

    Net profit fell $180m to $1.21bn in the three months to 31 March.

  4. BreakingDow and S&P fall

    The S&P 500 and Dow closed lower while the Nasdaq rose as investors digested the latest round of results. 

    The Dow Jones Industrial Average fell 0.6% to 20,403 points - its lowest level since February - while the S&P 500 lost 0.2% to 2,338 points.

    The Nasdaq gained 0.2% to 5,863 points. 

  5. Hotels hacked

    InterContinental Hotels says 1,200 of its franchised hotels in the United States, including Holiday Inn and Crowne Plaza, fell victim to a three-month cyber attack that sought to steal customer payment card data. 

    The London-listed company declined to say how many payment cards were stolen in the attack - the latest in a hacking spree on prominent hoteliers including Hyatt, Hilton and Starwood Hotels, now owned by Marriott International.

    The breach lasted from 29 September to 29 December, an InterContinental spokesman said 

  6. Springer buys Uber stake

    Uber

    Some fascinating news about Uber from the Wall Street Journal tonight: it reports that the German newspaper publisher Alex Springer has bought a stake in the taxi, sorry, ride-sharing firm.  

    A spokeswoman for Springer, whose titles include Bild and Die Welt, said the stake was “minimal” and was a financial rather than strategic investment. 

    Neither company would reveal the value of the stake or when it was acquired.

    Springer has made early-stage investments in about 100 companies, the spokeswoman said, in a bid to find growth outside publishing.

  7. Oil prices slide

    US oil rigs

    The price of Brent crude tumbled  3.6% on Wednesday to $52.89 a barrel after a surprise increase in inventories.

    US crude prices also fell, down 3.8% at $50.44 a barrel. 

    Oil stocks in the US fell by 1 million barrels last week, according to the US Energy Information Administration - less than anticipated.

  8. Fox and O’Reilly 'agree' he will not return

    Bill O'Reilly

    21st Century Fox, which owns the Fox News Channel, says: "After a thorough and careful review of the allegations, the company and Bill O’Reilly have agreed that Bill O’Reilly will not be returning to the Fox News Channel.”

    Read the background to the story here.

  9. BreakingFox News parts ways with host Bill O'Reilly

    Bill O'Reilly will not return to Fox News amid allegations of sexual harassment.

  10. Ryan vows the US will stand by the UK

    Paul Ryan, leader of the US House of Representatives, is in London today and taking the chance to honour the "special relationship.

    Bloomberg TV's chief Washington correspondent Kevin Cirilli tweets: 

    View more on twitter
  11. US economy - born to be mild

    US Federal Reserve stamp

    The US economy grew at a modest to moderate pace between mid-February and the end of March, according to the Federal Reserve.

    According to its Beige Book, which gauges the strength of the economy via the responses of businesses nationwide, prices rose. However, it said companies mostly expected price growth to be mild to moderate over the coming months.

    The US Fed has raised interest rates twice within the last few months - in December and March - to keep inflation under control and close to its target of 2%. Producer price inflation reached 2.3% in the year to March.

  12. Headphones app 'violates privacy'

    Australian cyclist Bridie O'Donnell

    Forget microwaves, it is headphones we should all be afraid of.

    A lawsuit in the US claims that Bose Corp, purveyor of fancy music gear, can spy on customers using its wireless headphones by using an app from Google Play or Apple that tracks the music, podcasts and other audio they listen to.

    The suit also alleges that Bose violates customers' privacy rights by selling the information without permission.

  13. US stock markets pare gains

    The Dow Jones Industrial Average fell further on Wednesday.

    After opening up, it is now down 71.52 points at 20,451.76 with IBM continuing to dominate the biggest losers. Its shares are off 4.81% at $161.87.

    The S&P 500 has pared earlier gains and is now just 1.61 points ahead at 2,343.80.

    The Nasdaq has also eased slightly and is up 24.96 points at 5,874.43.