Apple has signed a global licensing deal with Universal Music for its new streaming service, dubbed 'iRadio' - but it yet to complete agreements with Sony and Warner.

That's according to the FT, which reports that although a deal with Warner is close to being signed, the electronics giant is still in negotiations with Sony.

Sources suggest that Apple had initially offered labels a royalty of about 6 cents for every 100 tracks it streams, but has now raised ...