Yell warns on economy recovery. Photograph: Gabriel Szabo/Newscast Yell, the heavily endebted directories group, has lost nearly 11% after a disappointing trading update and talk of possible fundraisings. The company said first quarter revenues were down 10.6%, with earnings down 10.9% at constant exchange rates. It said this was in line with previous guidance, as [...]

Traders watch as the results of the European banks stress tests come in. Photograph: Brendan Mcdermid/Reuters Britain’s four biggest banks emerged as among the strongest in Europe after seven others in the EU failed a health check of the financial system. Barclays, HSBC and the bailed-out Royal Bank of Scotland and Lloyds all comfortably passed [...]

Thad Allen, highlighting seepage around the capped BP oil well, told a news conference the leaks were not a threat. Photograph: Chip Somodevilla/Getty Images Concerns about oil and gas seepages around BP’s newly capped well in the Gulf of Mexico appear to have eased after the US government said they were not “consequential”. Thad Allen, [...]

Oil and water: westing is continuing on BP’s new well cap in the Gulf of Mexico. Photograph: BP/Reuters A standoff between BP and the US government over the handling of the stricken Macondo well in the Gulf of Mexico continued with a sharp exchange of words over the best way to keep the oil contained [...]