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British Steel's owner Greybull Capital said on Wednesday it had worked hard to keep Britain's second largest steel producer alive but that the challenges of Brexit had proven insurmountable.

Britain has granted an indemnity to the official receiver handling the collapse of British Steel, the country's second largest steel producer, Prime Minister Theresa May said on Wednesday.

British Steel, which was forced into liquidation on Wednesday after failing to secure an emergency government loan, is open to new buyers, business minister Greg Clark said on Wednesday.

Lowe's Cos Inc cut its full-year profit forecast and reported disappointing first-quarter earnings on Wednesday, as higher costs and a push to catch up with larger rival Home Depot dented margins, sending its shares down 9%.

Mobile phone retailers in some Asian countries are refusing to accept Huawei devices for trade-ins, as more consumers look to offload their device on worries Google suspending business with the Chinese firm will disrupt services.

Qualcomm Inc unlawfully suppressed competition in the market for cellphone chips and used its dominant position to impose excessive licensing fees, a U.S. judged ruled, sending the company's shares down 13 percent in pre-market trade.

Target Corp's same-store sales and profit for the first quarter beat Wall Street estimates on Wednesday, benefiting from higher online sales and an increase in shoppers at its stores, sending its up nearly 8% in early trading.

British Steel, the country's second largest steel producer, has collapsed after failing to secure emergency government funding, jeopardising some 25,000 jobs, Britain's Official Receiver said on Wednesday.

A rescue deal for the Ascoval steel plant in northern France is not impacted by the current woes at British Steel since the Ascoval transaction involves another unit of British Steel not impacted by the liquidation process, said the French government.

Home improvement chain Lowe's Cos Inc cut its full-year profit forecast on Wednesday and reported disappointing first-quarter earnings, hurt by higher costs that dented margins, sending its shares down 8%.