US intelligence chief James Clapper admits agents do collect communications from internet firms, but the policy only targets "non-US persons".

Shares in Samsung Electronics, the world's biggest smartphone maker, fall the most in nine months after JPMorgan Chase cut its profit estimates.

China's president arrives in California for talks with Barack Obama, seen as a chance for the two to build rapport on a number of high-stakes issues.

Germany's central bank cuts the country's economic growth forecasts for 2013 and 2014, but says the economy's outlook "has become brighter".

Hornby, the models firm that owns brands including Corgi and Airfix, has reported a big annual loss, blaming the economy and supply problems.

Centrica, the owner of British Gas, is in advanced talks with Cuadrilla Resources to buy a stake in shale gas fields in northern England.

UBS is being formally investigated in France on suspicion of persuading wealthy French clients to open undeclared bank accounts in Switzerland.

David Cameron will attend a behind-closed-doors meeting of top executives, politicians and academics later, Downing Street confirms.