Apple profit and revenue higher than expected

Apple has reported quarterly revenue and profit above Wall Street's expectations, fuelled by strong iPhone sales - particularly in emerging markets such as India (where the company recently opened its first stores). The US tech giant reported profits of twenty-four billion dollars ($24 billion) on revenue of ninety-four-point-eight billion dollars ($94.8 billion) in the first three months of this year.

The US regional banking sector is coming under renewed pressure amid a crisis in confidence. Trading in the California lender PacWest was briefly suspended as shares fell more than fifty percent, after its owners confirmed it had explored strategic asset sales.

The British singer-songwriter Ed Sheeran has won Thinking Out Loud copyright case. A New York court ruled today that Mr Sheeran did not copy Marvin Gaye's Let's Get It On when composing the track.

(Picture: An iPhone logo in Shanghai, China. Source: Getty Images)