What made the business news in Asia and Europe this morning? Here's our daily business round-up:
The telephone hacking revelations at the News of the World newspaper may be endangering News Corp's planned takeover of satellite TV firm BSkyB.
Late on Thursday, Rupert Murdoch's business empire decided to shut down what was Britain's biggest selling newspaper over the scandal, sending share prices at rival publishers higher on Friday.
The UK government has received thousands of submissions over the proposed deal, and the government has suggested that a final decision could be some months off.
Elsewhere in the corporate world, leading Chinese hypermarket operator Sun Art floated on the Hong Kong stock exchange, reportedly raising some $1.1bn.
In the UK, Santander says it has switched its call centres back to the UK from India.
Former IMF head Dominique Strauss-Kahn now faces possible criminal proceedings in France as prosecutors said they had begun an inquiry into attempted rape allegations by a French writer.
Trade data for May released by leading exporters Japan and Germany gave encouraging signals about the global economy.
German exports rebounded strongly in May, largely reversing a dip seen the month before.
Meanwhile, continuing earthquake damage to its export capacity meant that Japan's surplus shrank by half in May compared with a year earlier. However, the outcome was not as bad as analysts had feared.
All eyes in the financial markets are now focused on the US Department of Labor, which is due to release June's non-farm payrolls data at 08.30 Eastern time.
Our Business Daily podcast today looks at whether the closure of the News of the World is an act of bold crisis management or a measure of the problems facing Rupert Murdoch's global media empire.