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Live Reporting

Daniel Thomas

All times stated are UK

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  1. Good night

    Thanks for reading Business Live, we hope you enjoyed it. We'll be back tomorrow with more business news from 6am. 

  2. Nasdaq hits record high

    US traders

    The tech-focused Nasdaq index hit a record high ahead of earnings reports from Amazon and other technology giants after the market close.

    It had climbed 0.39% to 6,048.94 points by the end of the day.

    The other main indexes closed broadly flat as weakness in oil prices hit petroleum-linked equities. The Dow Jones gained 0.03% to 20,981.33 while the S&P 500 rose 0.06% to 2,388.77.

  3. Cloud lifts Microsoft profits

    Microsoft logo

    Microsoft has reported a 27.8% rise in quarterly profit after robust demand for its cloud computing services.

    The company's net income rose to $4.8bn (£3.7bn) or 61 cents per share, in the third quarter to 31 March, from $3.76bn, or 47 cents per share, a year earlier.

  4. Sales at Google parent climb 22%

    Google logo

    Sales at Alphabet - Google's parent company - have climbed 22.2% thanks to a surge in advertising on mobiles and the YouTube video service. 

    The firm's net income rose to $5.43bn in the first quarter ended 31 March, while sales rose from $20.26bn to $24.75bn.

  5. Intel's profits jump 45%


    It's not just Amazon's whose profits have bounced - Intel's are up 45% for the first quarter too.

    Income at the world's largest chip maker rose to $2.96bn from $2.05bn a year earlier. Revenue rose to $14.80bn from $13.70bn.

    The results were helped by strength in the firm's data centre business and a stabilising personal computer market. 

  6. Amazon posts 41.1% profit jump

    Amazon logo

    Amazon has posted a whopping 41.1% jump in first-quarter profits thanks to growth in its online retail sales and its cloud business. 

    The world's biggest online retailer said net income rose to $724m from $513m a year earlier. Net sales climbed 22.6% to $35.71bn from $29.13bn. 

    It marks the eighth straight quarter Amazon has posted a net profit.   

  7. Starbucks posts record second quarter results

    Starbucks logo

    Starbucks has posted record second quarter results, with consolidated net revenues rising 6% to $5.3bn.

    Meanwhile, consolidated operating income increased 8% to a Q2 record of $935m.  

    The firm said like for like sales were up 3% globally, 3% in US and 7% in China.

    “With our US business accelerating throughout the quarter and strong performance in China, we are poised to deliver strong revenue growth in the second half and into the future,” said Kevin Johnson, Starbucks' president and chief executive. 

  8. Passenger dragged off United Airlines plane wins settlement

    Dr David Dao

    The Kentucky doctor dragged off a United Airlines flight from Chicago earlier this month has received a financial settlement from the airline.

    Lawyers for Dr David Dao, 69, say a condition of the payout is that the "amount remain confidential".

    United boss Oscar Munoz "said he was going to do the right and, and he has", Dr Dao's lawyers said in a statement.

    Dr Dao was violently removed by airline law enforcement officers after refusing to give up his seat to United staff.

    Read more

  9. Pound ticks upwards

    Pound v dollar chart

    The pound is still above $1.29, it's highest level for seven months, trading 0.44% higher at $1.29040.

    It comes on the back of a CBI survey which showed retail sales for April at their strongest level in nearly two years. 

  10. Alternative milks go mainstream

    Video content

    Video caption: Is coconut the cream of the milk stars?

    UK sandwich chain Pret A Manger has said that coconut is driving its sales forward.

    Dairy-free coconut milk sales now exceed soya at Pret - so we went out to conduct a "taste test" to see what flavours get you licking your lips. 

  11. Up to a third of new cars electric by 2030, says oil firm

    Tesla car

    Total SA, one of the world’s biggest oil firms, has said electric vehicles could account for up to a third of new-car sales by 2030.

    The firm's chief energy economist, Joel Couse, said the rise of electric vehicles would also cause demand for oil-based fuels to peak in the 2030s.

    He said electric vehicles would constitute 15% to 30% of new vehicles by 2030, after which fuel “demand will flatten out, maybe even decline".

  12. 'Apple in talks to launch digital payment service'

    Apple pay

    Apple has held talks with third parties about introducing its own digital payment service, tech site Recode has reported, quoting sources.  

    The move - which would take it into competition with Paypal and major banks - would allow iPhone owners to send money digitally to other iPhone owners.

    One source told Recode they expect the company to announce the service later this year.

    It would differ from the firm's existing Apple Pay service (pictured), which ties a user's phone to their debit card.

  13. United Airlines promises further policy changes

    United Airlines desk in an airport

    United Airlines has announced a series of policy changes following the forcible removal of a passenger from a plane earlier this month. 

    In an interview with NBC, boss Oscar Munoz said the carrier would offer up to $10,000 in compensation to be bumped off overbooked flights, and reduce overbooking in the first place. 

    It also said it would end the practice of asking passengers already seated on planes to give up their seats.

    It follows a two-week internal investigation into the removal of Dr David Dao from an overbooked flight at Chicago O'Hare airport. A video if his ordeal went viral, sparking outrage worldwide.

  14. US shares: Nasdaq heads for record

    US technology shares continue to fly. The technology-focused Nasdaq Composite index is heading for another record close. It's up 0.36% at 6,047.

    The S&P 500 is a touch higher at 2,389. Under Armour is the biggest winner on that index (see previous post).

    The Dow Industrials has also edged into positive territory, to 20,991. Home Depot is leading that index with a 1% gain.

    Investors will be keen to look at the latest results from Microsoft and Google-owner Alphabet, due after the close of trading.

  15. Under Armour shares surge

    Under Armour shoe

    Shares in sportswear maker, Under Armour have jumped 9%. 

    That was despite reporting its first ever quarterly loss. During the three months to 31 March Under Armour lost $2.27m dollars.

    However, that loss was not quite as bad as some analysts expected.

    It also reported a 13% surge in sales at its shops and healthy sales in Asia.

    Today's share price rise follows a bad run this year - shares had lost about a third of their value prior to the release of the latest results.

  16. Brexit could 'damage car industry across Europe'

    Cars to be exported

    Brexit could badly damage the car industry in both Britain and Europe, a European trade body has warned.

    Erik Jonnaert, secretary general of the European Automobile Manufacturer's Association, said: "Today, the automotive industries of the EU and the UK are closely integrated, from the economic, regulatory and technical points of view.

    "Any changes to this level of integration will most certainly have an adverse impact on automobile manufacturers with operations in the EU or the UK, as well as on the European economy in general."  

    In 2016 some 1.7 million cars were assembled in Britain, 80% of which were exported, mostly to the EU. 

  17. Persimmon pay report approved despite concerns

    Persimmon sign

    Shareholders have overwhelming approved Persimmon's remuneration report, despite concerns it could hand boss Jeff Fairburn a potential package worth more than £100m.

    At the housebuilder's AGM, investors holding 90.19% of the stock backed the report while 9.73% voted against. 

    Royal London Asset Management - one of Persimmon's major institutional investors - was among the dissenters.  

    Corporate governance manager Ashley Hamilton Claxton said: "We have long-standing concerns about pay at Persimmon. 

    "The company's performance has been impressive, but we continue to believe that the sheer scale of remuneration available under Persimmon's current long-term incentive plan is excessive." 

  18. AA boss shortlisted for Wolfson Economics prize

    BBC Radio 5 live

    The Kings, and a UK road

    President of the AA, Edmund King, and his wife Deirdre have been shortlisted in a competition for their proposal to improve the UK's road network.

    Their entry is one of five to have been shortlisted for the £250,000 Wolfson Economics Prize.

    Entrants to this year's competition were asked to find a solution for "making roads better, safer and more reliable in a way that is fair to road users and good for the economy and the environment".

    One of the ideas in the couple's proposal is giving drivers an annual road miles allowance. 

  19. FTSE 100 closes lower

    LSE , men outside it

    The FTSE 100 closed lower after weak oil and commodity prices weighed on the index. It fell 51.55 points, or 0.71%, to 7,237.17 points. 

    Miners BHP Billiton, Fresnillo and Glencore were among the worst performers - down 4.75%, 3.82% and 3.15% respectively. 

    Lloyds Banking Group and house-builder Persimmon gained 2.31% and 2.36% respectively, after both published strong results.