US private-equity group Apollo Management said it did not intend to make an offer for John Wood Group, the engineering and consulting business that is active in the North Sea oil industry. Apollo’s final offer of 240p a share in cash, values Wood at about £1.7bn. No further bid is allowed for six months under the Takeover Code.

Shares in Aston Martin motored (sorry) ahead after the luxury carmaker announced a £234m investment by China's Geely. The Asian group will become its third-largest shareholder once the deal is concluded.

Tensions in the South China Sea have spooked Warren Buffett, one of the world’s most high-profile investors. Mr Buffet has now sold all of Berkshire Hathaway’s shares in TSMC, the Taiwanese multinational semiconductor contract manufacturing and design company. The final holdings of the investment company were sold in the first quarter after Berkshire slashed its holding by 86% late last year. The billionaire blamed the move on rising regional tensions between China and Taiwan.

About two months after China’s Alibaba unveiled a restructuring plan that would the conglomerate split into six units, the break-up has started. The board approved a full spin-off of its cloud business, which dominates China’s market, via a stock dividend distribution to shareholders. Management aims to complete a public listing within the next 12 months. It is also exploring initial public offerings for its logistics and grocery. The news came alongside disappointing quarterly results for the group, which missed growth expectations.

Vodafone will cut 11,000 jobs as part of a wider strategic plan to restore the company’s fortunes after sales grew just 0.3% last year. The job cuts will be over three years and represents about a tenth of the group’s workforce. Management also plans to step-up investments in customer service.

BT Group also said it will shed up to 55,000 jobs in the UK and globally by the end of the decade to cut costs. The headcount reduction represents up to 40% of its current workforce and includes staff and contractors. Chief executive Philip Jansen said that by the end of the 2020s BT will have a "much smaller workforce" and a "significantly reduced cost base". BT reported a 12% drop in profits to £1.7bn for the year to April.

FTSE 100 landlord British Land said higher interest rates had hit the value of its portfolio, which declined 12% in value in the year to the end of March.

Trading at high street bakery Greggs remains brisk, with sales at stores open for more than a year up more than 17%. However, the group is not immune to the cost-of-living crisis that has seen consumers tighten their belts. The comparable period last year saw sales hit by the Omicron wave of Covid-19, so the growth was from a low base. Indeed, Management noted that sales growth had fallen back a little in the ten weeks to 13 May.

Online fashion retailer Boohoo said it expected a better performance in its new financial year after profits halved in the year to March. The shares rallied following the statement – but remain at about half their value at this time last year. Online rival Asos recently posted heavy losses and its shares moved another leg lower this week after analysts raised the prospect that the business would need a cash injection over the next six months. The once retail stars have been hit by supply-chain issues, increased returns from customers and the cost-of-living crisis crimping consumer demand.

German industrial group Siemens raised its outlook for the second time this year after notching up record profits in several divisions. Management now expects annual revenue growth of between 9% and 11%, up from a previous forecast of 7% to 10%.