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Budget airline Ryanair has cancelled all of its Greek flights on 7 April due to an air traffic control strike, the company has said, external.

Chancellor George Osborne has been pressed over whether he has, or will, personally benefit from any offshore funds.

It comes after Downing Street was forced to further clarify David Cameron's tax affairs following questions about his late father's investment fund revealed by the Panama Papers leaks.

Mr Osborne said: "All of our interests as ministers and MPs are declared in the register of members' interests. We've made our position very clear."

He also defended the government's record on cracking down on tax evasion.

Downing Street is forced to further clarify David Cameron's financial affairs after questions about his late father's investment fund.

Brazilian mining firm Vale has cut its forecast for capital spending in 2016 to $5.5bn from $6.2bn. It reiterated that it plans to sell core assets in a bid to cut debt by $10bn.

US stocks have opened flat as oil rose and investors waited for the release of minutes from the Federal Reserve's March meeting on monetary policy.

US crude rose more than 2% after renewed hopes of a deal by producers to freeze output.

The Dow Jones Industrial Average dropped 0.22% to 17,565.45 and the S&P 500 added 0.06 points to 2,045.31. The Nasdaq Composite rose 0.22% to 4,854.38. 

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Pharmaceutical firms have helped lift the FTSE 100 after Pfizer pulled out of a deal for Allergan, prompting speculation over other merger and acquisition activity in the sector.

US drugmaker Pfizer scrapped its $160bn agreement to acquire Botox maker Allergan amid plans to change US tax laws.

Shire shares were the top risers on the index, up more than 4%. AstraZeneca and GlaxoSmithKline were also in the top five.

Of the 200,000 companies shown to have been set up by Mossack Fonseca, the company at the heart of the Panama Papers, more than half are in the British Virgin Islands (BVI). BVI lawyer Dan Wise from Martin Kenney & Co. tells us why the British overseas territory is such a popular destination.  

The chief executive of Malaysia Airlines has said airline recorded a profit in February, its first positive monthly result in years, and is on track to return to the black by 2018.

In an interview with The Associated Press, chief executive Christoph Mueller described the airline as a "ship that has many leaks," but said the monthly profit was a sign that things are on the right track. He said revenue has improved and costs are down, underpinned by low jet fuel prices.

Malaysia Airlines suffered two air disasters in 2014: the disappearance of Flight 370 en route from Kuala Lumpur to Beijing, and the shooting down of Malaysia flight MH-17 over Ukraine. 

oth incidents damaged the airline's reputation. 

But Mr Mueller says the airline's main problems were an unsustainable network of routes, high operating costs and archaic information technology systems, among others.  

Gavin Hewitt
BBC chief corrrespondent

On Tuesday, outside the town hall-sized parliament in Reykjavik, a small crowd kicked the fence, banged pots and pans and threw eggs at the building.

The Icelandic Prime Minister Sigmundur Gunnlaugsson had just stood down over allegations he had failed to disclose his interest in his family's offshore account. He was the first political casualty of the Panama leaks scandal.

The prime minister has not been accused of breaking any Icelandic law. No matter. The impression of a conflict of interest and of a lack of transparency was enough to bring him down.

Read more from Gavin here.

The Times technology correspondent James Dean tweets:

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Pfizer chief executive Ian Read says the drug maker now plans to make a decision about whether to separate its "innovative and established businesses" before the end of 2016.

The company will pay Allergan $150m (£106m) for "expenses" associated with the now-abandonded deal. That's quite a lot of advisers' fees.

Pfizer has confirmed that its merger agreement with Allergan "has been terminated by mutual agreement". It said the decision was driven by the actions announced by the US Treasury on Monday, which the companies concluded "qualified as an 'adverse tax law change' under the merger agreement".  

Last year Private Eye created a searchable online map of properties in England and Wales owned by offshore companies. It reveals the extent of the UK property interests of companies based in tax havens. 

Opinion polls in Iceland show that voters are fed up with the status quo and the support for the Pirate Party reflects that trend, journalist Sigrun Davidsdottir tells BBC World.

The economy is doing well and the unemployment rate is low, but "what is lacking is trust" following the banking crisis in 2008, she says. Following that crisis, restrictions were placed on taking money outside Iceland - but those rules apparently did not apply to Sigmundur David Gunnlaugsson. 

The Icelandic prime minister stepped down on Tuesday in the wake of the Panama papers revelations.

"The discontent comes from the fact that people feel that little has changed since the collapse of the banks, that lessons haven't been learned. The government has been very unpopular for a long time and this has tipped the balance," Ms Davidsdottir explains.

More news from Finland: Nokia plans to cut jobs following its acquisition of France's Alcatel-Lucent, but has not yet said how many positions it plans to axe.

The company says it is sticking to its target for €900m of operating cost savings from the deal by 2018. 

More details will be released with Nokia's quarterly results.     

BBC World Service

Newshour on the World Service has been talking to Bastian Obermayer, the Suddeutsche Zeitung reporter who obtained the leaked Panama documents from the anonymous source.