That's all from the Business Live page for today, folks. HSBC is pondering whetherto move its headquarters out of the UK. Greece's debt deal faces "big, big problems", according to Eurogroup head Jeroen Dijsselboem, but the clock keeps ticking. And Comcast's deal to merge with Time Warner Cable has collapsed after anti-competition regulators expressed concerns. Have a good weekend.
- Comcast and Time Warner Cable deal collapses
- HSBC mulls leaving London again
- Government shifts another £586m Lloyds shares
Harley-Davidson is recalling almost 46,000 motorcycles in the US because of potentially faulty clutches. The problem was found through customer complaints. Harley reported 27 crashes and four minor injuries.
Trader Navinder Singh Sarao, who is accused of illegally manipulating the stock market in the US and contributing to the 2010 Wall Street 'flash crash', hasn't paid bail, and will therefore be remanded in custody over the weekend, according to Westminster Magistrates Court.
Shareholders at HSBC's annual general meeting were divided on whetherthe bank should move its headquarters. "I would prefer them to stay here really," said Gesila Wright. Another shareholder, Dr Diamond, said he was in favour of a move as it may save the bank money and would "teach the politicians that you can't keep hitting the bankers every time you need additional taxation."
Mary Barra, the chief executive of General Motors, had a pay package of $15.8m (£10.8m) in 2014, according to a US Securities and Exchange Commission filing. Ms Barra became GM's boss on 15 January. Almost immediately, the firm was hit with a series of safety recalls that led to congressional hearings, a Justice Department investigation, and a $35m fine from US safety regulators. The recalls included 2.6 million small cars with defective ignition switches that caused numerous crashes. So far, the company has agreed to pay compensation in 87 death cases and for 157 injuries.
German Chancellor Angela Merkel said she hopes that Greece can reach a deal quickly. "On the German side, we are prepared to provide all the support that is asked of us. But of course reforms must be done," Ms Merkel said at a campaign event.
While Jeroen Dijsselbloem said Greece's finance minister Yanis Varoufakis (pictured) had come in for criticism at today's latest round of debt talk, Mr Varoufakis sought to portray the discussions in a more positive light. We look at the last few weeks and what we see is convergence," he said, noting progress on issues such as privatisation, tax reform, the judiciary, bureaucracy and product markets. A deal will happen, he added, "and will happen quickly as it's the only option we have." Mr Varoufakis said the main sticking points related to pensions and the level of the budget surplus Athens has to post after debt and interest payments are stripped out.
Greece's finance minister Yanis Varoufakis came in for criticism from Euro area finance ministers at a meeting in the Latvian capital of Riga, with no deal yet hammered out between Greece and its EU and IMF creditors. "It was a very critical discussion," said Jeroen Dijsselbloem (pictured left), the eurozone's top official, after the meeting. Other eurozone finance ministers spoke of being "tired" and "annoyed" with the way the talks are going. The next possible date for a deal could be May 11, only one day before Greece owes a €750m (£536m) payment to the IMF.
American Airlines Group expects its passenger unit revenue (which is passenger revenue divided by available seat miles) to fall between 4% and 6% this quarter, chief financial officer Derek Kerr has said in an investor call, with the largest drops in the Pacific and Latin America. But the airline's first quarter results today beat analyst expectations, with earnings of $932m (£615m), nearly double its profit compared with the same period a year earlier.
The US Department of Justice has said that the collapse of the proposed merger between Comcast and Time Warned Cable is "a victory". "This is a victory not only for the Department of Justice, but also for providers of content and streaming services who work to bring innovative products to consumers across America and around the world," said US attorney general Eric Holder. "The Department of Justice will continue to fight for fair access and free competition in every industry and every market," he added.
HSBC considering moving its headquarters out of the UK is a "clear warning to politicians" according to Richard Buxton, head of equities at Old Mutual Global Investors, who have shares in HSBC. "It's signalling that the ever increasing bank levy on all the UK banks... really can't just continue to ratchet up year in year out without having some impact on a really big bank like HSBC."
The US Department of Justice (DoJ) has said that Comcast abandoned its plans to acquire Time Warner Cable after the DoJ raised concerns that Comcast would become "an unavoidable gatekeeper for internet-based services". "The companies' decision to abandon this deal is the best outcome for American consumers," said US attorney general Eric Holder.
Business Updatewith Russell Padmore on World Service has heard from a Kenyan inventor, whose innovative software allows Africans using mobile phones to swap credit easily between SIM cards. Samuel Wangi's application is called Chura, the Swahili word for frog. We also hear Mercedes Benz claiming xenophobic attacks on foreign businesses will not affect its investment in South Africa.
HSBC's shareholders heard bosses stress how far they had streamlined the bank since taking over four years ago. It has sold or shut 77 businesses and could get rid of sizeable operations in Brazil or Turkey. This kind of approach did not please one shareholder, who suggested the bank had become timid and was missing major opportunities - such as taking over Asian insurance giant, AIA.
Comcast says its $45bn (£30bn) merger agreement with Time Warner Cable has "been terminated". Comcast Chairman Brian L. Roberts says: "Today, we move on. Of course, we would have liked to bring our great products to new cities, but we structured this deal so that if the government didn't agree, we could walk away." No finger-pointing, then.
Early doors for the US markets but market watchers are - boldly - suggesting today might see another record for the Nasdaq. Late results Thursday from Google, Amazon and Microsoft should give it a push up.
Fun facts: of the $1.35 trillion the bank holds in customer deposits, $439bn, or about a third, is from the UK. It's also the single largest home for workers at HSBC, with 48,000 of them. UK revenue was $14.4bn in 2014, a rise of more than $1bn from 2013. Although that's before all the charges for payment protection insurance and the like.
Regular readers will know Friday can bring with it a special treat: the Financial Times's How To Spend It magazine. No prices are associated with the above advert's outfit. But we feel the amount necessary to buy it is nonetheless made clear.
Was listening to the shareholders' meeting. The boss pointed out that HSBC employs 7,000 people in compliance. That many to try to make sure the bank keeps to the rules.
More news from Latvia: Greek finance minister Yanis Varoufakis says the government can't accept pension cuts but there may be a deal soon on privatisations.
News from Latvia: The eurozone's top official says Greece needs to make "significantly more progress'' on its reform plans if it's going to get more money. Speaking in the Latvian capital of Riga at the conclusion of the eurozone finance minister's meeting, Jeroen Dijsselbloem said time is running out for Greece. He said there are still "wide differences'' between the two sides.
Reasons to be moving. Part three. Or part anything. The UK's banking tax, which is linked to the size of banks' balance sheets, cost the £750m last year. The banking levy hits HSBC harder than other banks because of its large size. The tax has risen as corporation tax has been cut, in order to ensure banks don't get a tax cut following the financial crisis. While £750m is a fair chunk of money, HSBC Bank plc, which contains the UK and European businesses,made £1.39bn in 2014 and £2.5bn in 2013.
Business and economy editor, Scotland
- The FTSE 100 is up 0.36% at 7,079.06
- The Dax is up 0.7% at 11,805.72
- The Cac 40 is up 0.54% at 5,206.81
- Top gainer on the Footsie is HSBC - now up 4%. BAE Systems is another good gainer - up 3% after it said it might sell a US business. Worst is AstraZeneca after a performance statement failed to wow. That is down 3%.
Shares in Athens have jumped 4.5% on hopes for progress on bailout funds. Greece's Yanis Varoufakis is meeting his fellow eurozone finance ministers in Riga in Latvia. Nice.
BBC Business editor
Regulatory pressure, political attacks following revelations of errant behaviour and hefty new taxeshave sparked the decision. HSBC has also said that uncertainty over Britain's future in the European Union is weighing on its future as well as new rules which oblige banks to split their retail and investment banking activities - the ring-fence.
Radio 5 live
The Sunday Times Rich List is back this weekend, a right gag-fest. Alex Cheatle, from concierge business Ten Group, tellsWake Up to Money: "One client wanted a Barney the dinosaur outfit for his son. We had to get it from the middle of the UK but it was needed in Dubai the next day. We had to get a guy on the plane with a Barney the Dinosaur outfit in his hand luggage - that cost a few thousands pounds."
German business confidence is at its highest in almost a year, says the widely-watched IFO survey. Its business climate index, which questions 7,000 firms, was at 108.6 in April, after 107.9 in March.
Radio 5 live
HSBC - originally called the Hong Kong and Shanghai Banking Corporation - wasfounded in 1865, in Hong Kong. It moved its HQ to London in 1992 after buying Midland Bank. It employs 266,000 people worldwide. We will return to HSBC after 11:00, which is when its annual shareholder meeting starts.
Private rental prices paid by tenants in Great Britain rose by 2.1% in the 12 months to March 2015,says the Office for National Statistics. Rental prices increased the most in London, of course, a 3.2% gain.
BBC News Channel
The big question is where HSBC would go? Europe's largest bank has assets (loans, among other things) of $2.63 trillion (£1.74tn). So the bank would have to find a new regulator willing to take on the task of making sure all is well with those loans. And if the worst came to the worst, a country with an economy large enough to withstand another banking crisis, should one present itself. Does that make its original home of Hong Kong, for instance, too small?
Last time this storm really blew up was in 2011 after a particularly bad set of results. It said at the time it reviews its domicile every three years. A formality, generally. But then, for the first time, the bank was considering the matter far more seriously. The UK has been tightening its rules for banks after the crisis, demanding more capital to be held and more onerous punishments for misdemeanours.