Apple aims for bigger bite of music market

Taylor Swift will make her recordings available on Apple Music after pulling them from rival Spotify

If record companies had their way, the internet would never have been invented. For much of the second half of the 20th Century, music fans who wanted to listen to the latest release from their favourite artist had to make a trip to their local record store to buy an album or single on vinyl, cassette or CD.

However, the mass adoption of broadband in the developed world at the start of the last decade soon destroyed what was a very cosy - and highly profitable - business model.

Greece debt crisis: Tsipras in new bailout 'concessions'

Greece's Prime Minister Alexis Tsipras has offered new concessions to the country's creditors.

A letter to creditors sent by Mr Tsipras says he was prepared to accept most conditions that were on the table before talks collapsed and he called a referendum.

On Tuesday, eurozone finance ministers refused to extend the previous bailout.

Germany says a new agreement on a bailout would not be possible until after the referendum this weekend.

Human rights body the Council of Europe has said the referendum, which will ask Greeks if they want to accept their creditors' proposals, would "fall short of international standards" if held as planned on Sunday.

Greek debt looms large at Dresden G7

Cash-strapped Greece has dominated a meeting of G7 finance ministers in the German city of Dresden.

On the eve of the talks Athens announced that it was close to reaching a deal with its creditors.

However, the optimism was short lived with EU and IMF representatives saying there had been no new significant breakthroughs.

German Finance Minister Wolfgang Schauble addressed the media:
“The European Union economics commissioner reported on the state of the talks between the three institutions and the Greek government. He reported as always the positive news from Athens, not quite reflected in what the institutions reported.”

US posts poor first quarter economy described as ‘tepid’

The US economy has suffered a poor first quarter as trade was hit by a resurgent dollar, a poor economic outlook and disruption at West Coast ports.

The government estimates GDP to shrink at an annual rate of 0.7 percent as opposed to the 0.2 percent forecast last month.

Certain parts of the US were hit by some serious snow, which has also had an impact on the figures.

Another downward trend has been consumer spending with Americans seemingly unwilling to splash to cash.

The numbers are only marginally better for the second quarter with economists summing up the mood as tepid.