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Summary

  1. Japan's Sharp accepts Foxconn takeover bid
  2. IMF warns the global economy is "highly vulnerable"
  3. Lloyds sets aside more money for PPI

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    And so another Business Live page draws gracefully to a close. Please join us again from 06:00 tomorrow.

  2. Royal Caribbean faces lawsuits over storm cruise

    Anthem of the Seas

    Royal Caribbean Cruises faces two lawsuits by passengers accusing the company of endangering their lives by letting its Anthem of the Seas cruise ship sail into an Atlantic storm this month.

    Royal Caribbean said the Miami-based company does not discuss pending litigation.

  3. Apple says iPhone order 'violates constitutional rights'

    Apple alleges the US government has violated its first amendment right to freedom of speech in compelling it to write code to bypass an iPhone security feature.

    "Under well-settled law, computer code is treated as speech within the meaning of the first amendment," it says.

    Apple claims the government order also contravenes its fifth amendment rights to liberty, as it is being compelled to write the code.

  4. Wall Street closes higher after strong US manufacturing data

    Wall Street closed higher after strong US manufacturing data. Orders for US durable goods rose more than expected in January as demand picked up across the board.

    The Dow Jones Industrial Average was up 1.29% at 16,697.70 points and the S&P 500 had gained 1.14%, rising to 1,951.70 points. The Nasdaq Composite was up 0.87% at 4,582.21.

  5. Apple asks court to reverse iPhone order

    Apple logo

    Apple has asked a US court to overturn an earlier ruling ordering the company to help the FBI break into a phone used by one of the San Bernardino killers.

    In court papers Apple says forcing it to help the FBI would "open the floodgates" and violates its first amendment rights.

    The FBI and White House have said the request is limited to one iPhone.

    But Apple says the software needed to comply with the FBI's request "simply does not exist".

    The tech giant filed a motion to vacate the earlier ruling on Thursday.

    Read more here.

  6. Apple says it could be compelled to write code to aid surveillance

    One of the arguments Apple uses is that if it can be compelled to write code to bypass security features, it could be compelled to aid US government surveillance:

    Quote Message: What is to stop the government from demanding that Apple write code to turn on the microphone in aid of government surveillance, activate the video camera, surreptitiously record conversations, or turn on location services to track the phone’s user? Nothing." from Apple
    Apple
  7. Apple says unlocked iPhone would not be 'just this once'

    Quote Message: The government says: “Just this once” and “Just this phone.” But the government knows those statements are not true; indeed the government has filed multiple other applications for similar orders, some of which are pending in other courts... Once the floodgates open, they cannot be closed, and the device security that Apple has worked so tirelessly to achieve will be unwound without so much as a congressional vote." from Apple
    Apple
  8. Apple says US government wants it to create new operating system

    Apple says that the US government wants it to create a new operating system that Apple says would be "too dangerous to build".

    Quote Message: Specifically, the government would force Apple to create new software with functions to remove security features and add a new capability to the operating system to attack iPhone encryption, allowing a passcode to be input electronically. This would make it easier to unlock the iPhone by “brute force,” trying thousands or millions of passcode combinations with the speed of a modern computer. In short, the government wants to compel Apple to create a crippled and insecure product."
  9. Apple says US and FBI 'seeking a dangerous power'

    Quote Message: This is not a case about one isolated iPhone. Rather, this case is about the Department of Justice and the FBI seeking through the courts a dangerous power that Congress and the American people have withheld: the ability to force companies like Apple to undermine the basic security and privacy interests of hundreds of millions of individuals around the globe. The government demands that Apple create a back door to defeat the encryption on the iPhone, making its users’ most confidential and personal information vulnerable to hackers, identity thieves, hostile foreign agents, and unwarranted government surveillance." from Apple
    Apple
  10. Apple accuses FBI of mistake

    The FBI changed an iCloud password "without consulting Apple or reviewing its public guidance regarding iOS", according to a motion filed by Apple in which it opposes an FBI request to unlock an iPhone.

    The FBI's move stopped the phone automatically backing-up to iCloud, "which could have obviated the need to unlock the phone and thus for the extraordinary order the government now seeks," said Apple.

    "Had the FBI consulted Apple first, this litigation may not have been necessary."

  11. Apple files opposition in FBI case

    Apple had filed its official opposition to an effort by US authorities to unlock the iPhone of Syed Rizwan Farook who killed 14 people in December 2015.

    Apple says the government is overstepping its legal authority and has violated the company's constitutional rights.

    Earlier, the FBI's director said the row over access to the phone was the "hardest question" he had tackled in his job.

  12. Halliburton to cut 5,000 more jobs

    A Halliburton sign

    Oilfield services provider Halliburton will cut its workforce by about 8%, or 5,000 jobs, a spokeswoman said.

    There has been a prolonged fall in crude oil prices,

    Halliburton has already reduced its global headcount by 25%, or almost 22,000 employees, since 2014.

  13. FBI and Apple to testify to Congress

    FBI director James Comey and Apple general counsel Bruce Sewell will testify at a congressional hearing a 1 March on encryption issues, the US House of Representatives Judiciary Committee has said.

    Apple and the US government are in a dispute over unlocking an iPhone used by one of the San Bernardino killers.  

  14. Oil prices turn higher

    North Sea Brent Crude

    Oil prices have reversed early losses to trade higher.

    That's following a report that oil producers are planning a meeting in mid-March.

    Venezuelan Oil Minister Eulogio Del Pino said that Qatar, Russia, and Saudi Arabia have agreed to the meeting.

    "We have already reached an agreement between Russia, Saudi Arabia and Qatar to hold a broad meeting in mid-March in a city to be determined," Del Pino said.

    Brent Crude is trading at $34.73 a barrel, up 32 cents or 0.9%.

  15. Royalties row

    Thriller show poster

    Record producer Quincy Jones' lawsuit against Michael Jackson's estate over royalties on some of the singer's biggest hits should be decided by a jury, a judge in Los Angeles has ruled. 

    Jones sued Jackson's estate and Sony Music Entertainment in October 2013, for around $10 million saying he was owed money for re-editing some songs.

    Michael Jackson's estate has been fighting the case. 

    Sales of his music have risen since his death in 2009. 

    New versions of "Billie Jean" and  "Thriller" are among the songs at issue. 

  16. Pfizer attacked over Allergan deal

    Pfizer logo

    Pharma firm Pfizer has been accused of trying to avoid $35bn in US taxes with its deal to buy Allergan.

    Under a process known as inversion, Pfizer will move its tax base to low-tax Ireland, where Allergan is based.

    Americans for Taxpayer Fairness says Pfizer will enjoy all the benefits of being a US company, without paying the taxes required.

  17. London City airport sale

    City airport

    The FT is reporting that London City Airport is to be bought by consortium that includes Ontario Teachers' Pension Fund and Borealis Infrastructure for around £2bn.

    Four groups including a Chinese group controlled by Hong Kong tycoon Li Ka-sing are said to have put in offers last week. 

    It was put up for sale last August by Global Infrastructure Partners, the US fund that also has stakes in Gatwick and Edinburgh airport.

    British Airways, the largest airline at London City, has threatened to pull out of running flights from the airport if the new owners raise airline charges to cover the sale price. 

    Almost two-thirds of the airport’s passengers are business travellers.