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Summary

  1. US light and Brent crude prices rise more than 10%
  2. FTSE 100 rises 2.8% in relief rally
  3. US consumer spending rises 0.6% in January
  4. Deutsche instigates €5bn bond buyback programme
  5. Rolls-Royce cuts dividend and warns of more cost cuts
  6. GlaxoSmithKline fined £38m by competition watchdog for delay payments to rivals

Live Reporting

By Chris Johnston

All times stated are UK

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  1. Goodnight

    That's all we have time for tonight on Business Live. We'll be back bright and early on Monday morning from 06:00.

  2. Oil prices end sharply higher

    oil

    Oil prices surged as much as 12% on Friday after new suggestions that Opec nations were set to cut oil production. Brent crude closed up $3.30 at $33.36 a barrel in New York after falling below $30 on Thursday.

    After sinking to a 12-year low of $26.05 on Thursday, US crude settled up 12%, or $3.23, to $29.44 a barrel - its biggest one-day rise since 2009. More here.

  3. Greens claim Ikea avoided €1bn tax

    An Ikea furniture store

    The Green party in the European Parliament has claimed Swedish furniture retailer Ikea avoided paying some €1bn in taxes from 2009 to 2014.

    Ikea group declined to comment on the Green Party report, but said:

    "In the 2015 financial year, the Ikea Group corporate income tax was €822m on a global basis, with an effective corporate income tax rate of approximately 19%".

  4. Wall Street closes higher

    US stocks have closed around 2% higher after investors snapped up beaten-down shares of financial firms. US listed shares of Deutsche Bank were up 11.3%.

    The Dow Jones industrial average rose 313.45 points, or 2.00%, to 15,973.6, the S&P 500 gained 35.54 points, or 1.94%, to 1,864.63 and the Nasdaq Composite added 70.68 points, or 1.66%, to 4,337.51. 

  5. Too soon to tell...

    John Carey, portfolio manager at Pioneer Investment Management in Boston, comments on today's stock market rally: "It's too early to say whether it is the beginning of a more sustained recovery, but it's encouraging and it shows there is still interest in stocks." 

  6. ECB in talks with Italy over buying bundles of bad loans

    ECB HQ Frankfurt

    The European Central Bank is in talks with the Italian government about buying bundles of bad loans as part of its asset-purchase programme and accepting them as collateral from banks in return for cash, the Italian Treasury has said.

    The move could give a boost to a recently approved Italian scheme aimed at helping banks offload some of their €200bn of soured credit and free up resources for new loans. 

  7. Only 25 staff moving to Johnston

    In reality it appears a large number of journalists at the Independent will be made redundant. According to the Telegraph only 25 staff out of 150 will move over to Johnston Press when it buys the i. 

    Moreover, the i will continue to take content, in fact it will take most of its content, from the independent.co.uk, as well as some content from the Evening Standard under licence.

    It is worth saying that some desks, such as the Independent's business news desk, may find they are not too badly affected. The Indy's business desk was merged with that of the Evening Standard's several years ago. 

  8. Fridman invests in Uber

    Black cabs

    Russian billionaire Mikhail Fridman has made a $200m investment in Uber. The "ride-hailing service provider" has previously raised more than $5 billion in several financing rounds. 

    "We believe that Uber's highly talented management team possesses the necessary vision and skills to build the company into one of the world's preeminent technology businesses," he said. 

    Last month, it was reported that another Russian tycoon, Alisher Usmanov, had invested several tens of millions of dollars in Uber last summer. 

    London cab drivers held a protest against Uber this week by staging a mass "park-in" on Whitehall.

  9. BreakingBrent soars 10%

    Oil

    Golly - Brent crude has jumped 10% today - up more than $3 a barrel to just over $33 on hopes that oil-producing nations might finally be getting their act together to reduce output. 

    US oil has risen even more sharply, up 12.6% to $29.50 a barrel.

  10. Wall Street update

    NYC

    The Dow Jones is up a rather healthy 230 points, or 1.5%, with a similar rise for the broader S&P 500, while the Nasdaq is 1.25% higher. 

    Some of the day's gains could be traders squaring positions ahead of the President's day on Monday. "The market will probably be led by short covering," said Peter Cardillo, chief market economist at First Standard Financial in New York.

  11. Coco conundrum

    Deutsche Bank

    I like the term "Coco woes" being used by Bloomberg TV to explain why shares in European banks have had such a topsy-turvy week. Deutsche Bank shares, for example, had fallen about 13% by Tuesday but staged a near 12% recovery today to end the week slightly higher. 

    Ashamed to admit you don't know what Coco bonds are? Simon Jack has all the answers here.

  12. Indy demise blamed on 'baleful' economics

    Founding editor of The Independent, Sir Andreas Whittam Smith, laments the end of the print edition and says the paper pioneered a lot of the innovations seen in newspapers today.

    Speaking to Edward Stourton on The World At One, Sir Andreas said the "baleful" financial conditions that caused this decision "are the same for all newspapers across the world".

    Listen to the interview below:

    View more on twitter
  13. easyFood imposes purchase limit

    easyFoodstore

    Sir Stelios Haji-Ioannou’s budget food store in west London will limit purchases from Monday to prevent its shelves being cleared by shopkeepers stocking up on bargains.

    The Guardian's Sarah Butler reports that the store, which charges 25p each for grocery items, was forced to close last week - less than two days after it first opened - after running out of stock.

  14. Boeing shares recover

    A Boeing 747

    After falling as much as 11% on Thursday, Boeing shares are up a touch in New York following today following a report that regulators are investigating its accounting, as well as mounting concerns about slowing sales and production. 

    The US Securities and Exchange Commission is investigating whether Boeing might have exaggerated its profitability outlook, according to a  Bloomberg report. 

    Boeing declined to comment on the report.

  15. BreakingFTSE 100 soars 3.1%

    Mine

    The FTSE 100 has ended the day up a stonking 3.1% at 5,707 points - a jump of 170 points. Biggest riser was Anglo American, which soared 18%, while fellow miners Glencore and Antofagasta also posted double-digit rises. Rolls-Royce finished 14% higher. 

  16. Visa takes 10% stake in Square

    Tom Espiner

    Business reporter

    Payments giant Visa has taken a 9.99% stake in mobile payments firm Square, according to an SEC filing. That sent shares in the firm up as much as 16%, but they are now up just under 7%. 

    Square is run by Jack Dorsey, who is also chief executive of Twitter.

    Billionaire investor Leonard Blavatnik disclosed an 11.4% stake in Square in November, which floated earlier that month.

  17. Dimon buys JPMorgan stock

    JPMorgan Chase said last night that chief executive Jamie Dimon had spent $26m (£18m) on buying 500,000 shares in the bank. Lo and behold, the stock is up more than 7% in New York at $56.97 in late morning trading.

    Mr Dimon already owns 6.2 million shares, but the last time he called his broker was back in July 2012 when he bought another 500,000 shares. He made a similar purchase in January 2009. That means his total holding is worth in excess of $350m.

    Jamie Dimon