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Angry Birds maker Rovio Entertainment slumped to a loss last year due to restructuring and investments in the upcoming 3D Hollywood movie. The Finnish company's bottom line has now fallen for three consecutive years on lower licensing revenues and a failure to create new hit games. 

Rovio posted an adjusted operating loss of €13m, compared to a profit of €10m in 2014 and €77m in 2012. Sales fell €16m to €142m. 

The firm hopes that the Angry Birds movie, due out next month, will help it win new licensing deals and boost sales. "This year's first quarter is already profitable and the outlook for the rest of the year is positive," chief executive Kati Levoranta said. 

Norman Smith
Assistant political editor

More on the Downing Street clarification over the Prime Minister's tax affairs. The move follows criticism that David Cameron had not said whether he would benefit in the future - or had already benefitted - from offshore funds. 

Today - in Number Ten's fourth statement on the issue - it was stressed that neither Mr Cameron nor his immediate family would benefit in the future. However, it did not address the issue of whether Mr Cameron had previously benefited from his late father's investment fund. 

Meanwhile, Chancellor George Osborne has also been pressed over whether he benefited from an offshore fund. He said: "We have made very clear the arrangements that we have. They are all declared in the register [of members' interests] and the like."

Personal finance reporter Kevin Peachey tweets:

Downing Street has further clarified David Cameron's relationship with the offshore trust set up by his late father. A source tells the BBC: "There are no offshore trusts or funds from which the Prime Minister, Mrs Cameron or their children will benefit in future."

Read more on the story here. 

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Bollywood star Amitabh Bachchan has denied any connection with offshore companies in tax havens.

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Glencore has sold a 40% stake in its agricultural business to Canada Pension Plan Investment Board (CPPIB) for $2.5bn, which it will use to reduce debt.

The miner and commodity trader's net debt has increased to about $30bn as commodities prices hit fell to their lowest level for several years. 

Glencore says it expects the deal, which values Glencore Agri at $6.25bn, to close in the second half of 2016.  

BBC producer Piers Scholfield tweets:

Image source, Ford

The UK’s new car market grew by 5.3% in March, making it the biggest month since the bi-annual plate change began in 1999, according to the Society of Motor Manufacturers and Traders.

A total of 518,707 new cars were registered in March - only the third time the market has surpassed half a million units in a month. 

It rounded off a record quarter, in which more than 770,000 new cars were registered – a 5.1% more than the first three months last year.

Demand for alternative fuel vehicles jumped 21.5% in March.

The Ford Fiesta is the UK's most popular car with more than 36,000 sold.

Today Programme
BBC Radio 4

More from Stephen Kinnock on Today. He says that nationalisation of Tata Steel UK would have to be "time bound" and "transparent in terms of how much it would cost". 

He describes as "interesting" the possibility that steel tycoon Sanjeev Gupta is considering buying the plant, but says he is concerned his plan could involve significant job losses.

"My concern with it is it would involve a reduction in production in Port Talbot from four million tonnes of steel a year to one million and that would have a massive impact on the workforce."

Today Programme
BBC Radio 4

Image source, Getty Images

The Labour MP whose constituency includes Port Talbot tells Today it is "critical" the government buys as much time as possible to ensure a successful sale of Tata's UK steel operations. 

Stephen Kinnock, the MP for Aberavon, says it is "good" that Business Secretary Sajid Javid has "finally found his way to Mumbai" but describes the government as in a "state of fiasco" over any potential deal. 

"My sense is that Tata Steel are keen to move very quickly, they want to find a buyer as quickly as possible. I think what's absolutely critical is that the government now comes forward with a plan that will buy as much time as possible in terms of helping Tata Steel to keep going while we search for a buyer," he says. 

"That also means clarity around what the government will do around pensions, around power supply, that needs discussions with the European Commission to make sure that all road barriers are removed in terms of state aid. If a buyer can't be found in the right time frame then we should certainly be looking at temporary nationalisation." 

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Shares of Air France-KLM have tumbled 7% in Paris after the airline's chief executive said he was stepping down.

Alexandre de Juniac (pictured) will take off in July to run the International Air Transport Association, the airline industry trade group based in Montreal.  

He had achieved his goals of ending losses and reducing debt at the airline, despite having three years remaining on his contract, Mr de Juniac said. "We put the company back in the black, we paid down its debt, and I think we have a product line... that is one of the best in the world." 

Shares are 5.5% lower at €7.65.

European stock markets are slightly higher as trading gets underway following sharp losses yesterday, as oil prices recovered on positive Chinese data. The FTSE 100 rose 0.2% to 6,105.9 points as traders await minutes from the US Federal Reserve's last meeting. 

Frankfurt's DAX 30 index was also up 0.2% to 9,598.4 points and CAC 40 in Paris edged 0.3% higher at 4,262.3 points. 

Markus Huber, a trader at City of London Markets, said: "Encouraging economic data out of China overnight ... is providing much needed good news for stocks as negative sentiment has gained momentum over the past few days. Furthermore, German industrial production declined less in February than previously thought."  

BBC Breakfast

Breakfast's Steph McGovern is reporting from the Cleaning Show being held in Manchester today and tomorrow. It's organised by the British Cleaning Council, which was set up in 1982 as the voice of the UK cleaning industry. 

Lots of new gadgets and technology are on display at the event - cleaning is about much more than just about mops and buckets these days apparently.

Today Programme
BBC Radio 4

Labour MP Wes Streeting, a member of the Commons Treasury Committee, is not convinced by claims that prime minister David Cameron will not benefit from his father's holdings in the offshore company he set up in Panama in 1983.

Downing Street said on Tuesday: "There are no offshore trusts or funds from which the PM, Mrs Cameron or their children will benefit from in the future." 

Number 10 also said: "It is put up or shut up time for those questioning his tax affairs."

However, Mr Streeting (pictured) tells Today that when Downing Street "issued a partial statement" it "raised more questions than it answered".

There are still questions about whether Mr Cameron gained in the past from his father's holdings in Blairmore Holdings, which is still operating with assets of £35m, he says.

"What is it about the secrecy and opacity of Panama that makes it so appealing?" Mr Streeting asks.

Business presenter Ben Thompson tweets:

The BBC's Yogita Limaye in Mumbai tweets:

Today Programme
BBC Radio 4

EY's European Banking Barometer reveals that optimism among banks is at its lowest level since 2012 during the height of the European banking crisis.

Karl Meekings, EY's global banking and capital markets analyst, tells Today that banks need to beef up their capital base. He sees a £200bn capital gap by 2019 and blames weak global growth, low interest rates and inflation and the increased regulatory burden on banks for hurting profit margins.

With profits being squeezed, banks are refocusing on cost-cutting measures, Mr Meekings says. IT costs are also increasing as a result of "legacy issues" – code for banks not updating some of their computer systems for decades.

Image source, Getty Images

Fashion retailer H&M said pre-tax profit for the three months to February fell 1.4bn Swedish crowns to 3.3bn Swedish crowns (£286m). The result was hurt by currency movements and markdowns, but slightly better than analysts had expected. 

Sales in March were up 2% in local currencies.  

BBC business editor Simon Jack tweets:

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The big news today is expected to be confirmation that the $160bn merger of US drug maker Pfizer with Botox maker Allergan has been abandoned in the wake of opposition from the likes of President Obama. 

The decision to end the biggest tax "inversion" ever attempted, which would have seen Pfizer slash its tax bill by redomiciling to Ireland where Allergan is registered, would come a day after the US Treasury unveiled new rules to curb inversions. 

Expect an official annoucement ahead of the Wall Street open.