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  1. Wall Street closes down after disappointing jobs data
  2. HSBC agrees $470m settlement with US government over mortgage lending
  3. Oil price drop 'good for UK economy' says BoE deputy governor
  4. BG Group reports $1.2bn loss
  5. Russia to confirm state sales 'within days'

Live Reporting

By Matthew West

All times stated are UK

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  1. Goodnight

    That's all from us this week. Enjoy your weekend and we'll be back bright and early at 06.00 on Monday morning.

  2. Jobs data knocks Wall Street

    Wall Street has closed sharply lower after disappointing jobs data showed the US economy created 151,000 jobs in January, fewer than expected and well below the 292,000 added in December.

    The Dow Jones was down 216 points, or 1.3%, at 16,200.52. The wider S&P was down 1.9% and the tech-heavy Nasdaq was 3.3% lower.

  3. Obama to propose $2.5bn internship tax break programme

    US President Barack Obama will propose a $2.5bn tax credit over five years for businesses that invest in programs at local community colleges and hire their graduates, the White House has said.

    The proposal, dubbed the Community College Partnership Tax Credit, would require businesses to donate funds for equipment, instruction, or internships related to programs in areas such as healthcare, energy and information technology. 

    Employers that hire students from such programs would get a one-time, $5,000 tax credit per individual brought aboard. 

    The program will form part of the president's final Budget proposals to Congress, which are expected to be published on Tuesday.

  4. Tech shares lead Wall Street lower

    US shares have added to losses in late afternoon trade led by a 3% drop on the Nasdaq following weak forecasts from technology companies including LinkedIn. 

    LinkedIn shares have fallen 45% to $105.67, a day after the company announced a $166m loss for 2015, while its 2016 revenue forecast missed estimates. 

    Tableau Software was down 49.5% at $41.30. 

    Big technology names also dropped sharply. Facebook shares fell 5.7%  to $104.20, while Alphabet fell 3% to $707.97 and Amazon sank 6.6% to $500.17. 

    Early market weakness followed data showing the US unemployment rate hit an eight-year low in January. That revived the prospect of a Fed rate hike this year. Non-farm payrolls increased by 151,000 jobs last month, but below the 190,000 expected 

    The Dow Jones is currently down 244.79 points, or 1.49%, at 16,171.79, the S&P 500 is lower by 36.71 points, or 1.92%, at 1,878.74 and the Nasdaq is 143.02 points, or 3.17% down at 4,366.54. 

  5. How much would you pay for this Ferrari?

    This 1957 Ferrari had a target of €28 to €32m at auction. But how much did it sell for?

    Video content

    Video caption: This classic 1957 Spider Scaglietti had a guide price of €28 to €32m.
  6. Manchester United in deal with 20th Century Fox

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    Manchester United and 20th Century Fox have announced that “post-match interview backdrops at Old Trafford will be used to promote films, such as Deadpool, X-Men: Apocalypse and Independence Day: Resurgence. There will also be the opportunity for 20th Century Fox to provide entertainment for fans attending United home games. No figures have been given for the deal.

  7. 'Flash crash' trader committed no crimes in UK

    Navinder Sarao

    Navinder Sarao, the "flash crash" trader, should not be extradited to the United States because the offences he is accused of were not crimes in the UK, his lawyers said on Friday.

    Mr Sarao had only a "gossamer-thin" link to the 2010 Wall Street plunge, Westminster magistrates court heard.

    US authorities need to prove dual criminality to extradite the 37-year-old.

    That means an alleged offence must be a crime in both the UK and the US.

    The hearing concludes later on Friday and the judge is due to give his verdict on 23 March.

  8. Are economics degrees fit for purpose?

    BBC Global business correspondent Peter Day writes....

    Wall Street traders

    In many universities, something is stirring up the "dismal science", as economics is sometimes derogatorily called.

    Students of economics are up in arms about what they are being taught, and how. They are not just protesting - they are doing something about it.

    Read more here.

  9. iPhone index

    Based on working nine to five, five days a week, it takes about four months to earn enough money to buy an iPhone in Kiev apparently...

  10. Obama hails economic recovery

    President Obama

    Speaking after the latest jobs figures showed the unemployment rate falling below 5%, President Obama said he was "proud of the progress we've made"...

    Quote Message: We have recovered from the worst economic crisis since the 1930s, the worst in my lifetime and the lifetime of most of the people in this room, and we've done it faster, stronger, better, more durably than just about any other advanced economy
  11. US Fed rate rise in June... not March

    It looks like Bank of America may have shifted its US Federal Reserve interest rate hike forecast out. Perhaps that's not a huge surprise given the global economic conditions, but it is the first real concrete confirmation we've had that US markets see the next rise as still quite some time away rather than March.

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  12. HSBC reaches $470m deal over US mortgage lending

    HSBC has reached a $470m settlement with the US government and nearly all states over mortgage lending and foreclosure abuses that officials say contributed to the financial crisis in 2008.

    The agreement requires the bank to pay $100m and to provide an additional $370m in consumer relief to borrowers and homeowners. 

    That includes reducing the principal debt on mortgages for homeowners who are at risk of default.

    The deal also requires the bank to improve standards for how it services loans and handles foreclosures. 

    The settlement involves the departments of Justice and Housing and Urban Development, and the Consumer Financial Protection Bureau. 

  13. FTSE ends week lower

    Thursday's rally on London's top share index didn't last long. The FTSE 100 index has ended the day lower by 0.86%, or 50 points, at 5,848.06. 

    Shares turned negative after the January US non-farm payrolls showed the economy added 151,000 jobs last month, less than the 190,00 most Wall Street analysts had expected.

    That's led to concerns over the pace of economic growth in the world's largest economy as well as the timing of the next US Federal Reserve interest rate hike, adding to concerns over oil prices and other commodities and slower growth in China. 

  14. 'Brexit' would hurt UK economy says Citi

    There will almost certainly be lots of this to come in the next few weeks and months but... 

    Citigroup says economic growth in the UK would be up to 4 percentage points lower over the next four years and sterling could lose a fifth of its value if the country votes to leave the European Union.

    The US bank is the latest to say a so-called 'Brexit' would take a "significant" toll on the UK economy, hitting sterling and sending inflation sharply higher.

    Quote Message: Brexit would probably trigger major economic weakness and a political crisis in the UK ... with a 15-20 percent depreciation of sterling in trade-weighted terms, resultant return to import-driven inflation and a major policy dilemma (for the Bank of England). from Michael Saunders, chief economist, Citi.
    Michael Saunders, chief economist, Citi.
  15. Samsung 'safety trucks' hit roads in Argentina

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    Samsung has been testing technology that displays a video feed on the back of lorry to allow cars to check whether it is safe to overtake.

    The company's "safety truck" is a tie-up with Volvo. It has finished four months of testing and will now make it onto public roads in Argentina.

    The truck is fitted with two front-facing cameras and four large panels on the back, which form one big display when the rear doors are closed.

    The display shows a real-time feed of what is up front, allowing drivers behind the truck to “see through” it and determine whether it’s safe to overtake. Samsung says the cameras are capable of capturing clear video even at night time.

    There are probably a few A roads in the UK where this technology might also be pretty useful.

    I'll leave that thought with you there Samsung. 

  16. Airbus renegotiating delivery schedules for A320neo

    Airbus A320neo

    Airbus is renegotiating delivery schedules for its revamped A320neo jet and has told some airlines it will be delayed by about two months, industry sources has told Reuters.

    The European aircraft manufacturer missed a 2015 target for delivering the first aircraft, an upgraded fuel-saving version of its best-selling medium-haul jet, by a few weeks due to what it described as issues with documentation for new Pratt & Whitney engines.

    Industry sources have pointed to delays in deliveries of the newly-developed Geared Turbofan engine from its US manufacturer, a subsidiary of United Technologies. 

  17. European Commission lays out objections to Three/O2 merger


    Hutchison, the owner of mobile network Three, has received the European Union's (EU) list of objections to its takeover of Telefonica's O2.

    The EU Commission launched a full investigation last October into Hutchison's £10.3bn bid for Telefonica's O2 network over concerns that the deal may push up prices.

    Earlier this week, Ofcom chief executive Sharon White warned the deal could also upset existing network-sharing agreements in the UK.

    She also urged Brussels to block the Three-O2 tie-up, saying there was a risk that consumers could face higher mobile bill.

  18. Don't fall asleep at work, just don't

    The Orange Duke selfie

    Hat tip to i100  - think the independent's kid brother - for this little gem. 

    Spare a thought for the chap in the middle of this mass selfie.

    Reddit user, The Orange Duke, achieved albeit short lived internet notoriety by retelling the story of his first day in an internship.

    The story goes exactly as the image above suggests: the poor lamb fell asleep at his desk.

    Orange Duke's new colleagues took pity on him, and he was not fired, but instead treated to an ensemble selfie. A salutary illustration of the treacherous nature of work colleagues if ever there was one.