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Summary

  1. Government may take up to a 25% equity stake in Tata Steel
  2. Government misses chancellor George Osborne's borrowing target
  3. Sky leads FTSE 100 lower at close
  4. Mitsubishi Motors shares suspended as sell orders pile up
  5. Outline of a VW deal with US regulators over emissions scandal

Live Reporting

By Bill Wilson

All times stated are UK

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  1. Good night

    That's all from the live page for another day. Back as usual from 6am tomorrow. Please join us then.   

  2. Oil price rally hits the buffers

    Oil well

    The short-lived rally in oil prices has come to an end, as the twin factors of oversupply and a stronger dollar kicked in again.

    Prices slipped on Thursday after a mini rebound the day before. 

    US crude prices slipped 1.4% to $43.47 a barrel, and Brent crude was down 1.9% at $44.89 a barrel. However prices are still up by about 40% from lows seen in January. 

  3. SunEdison files for Chapter 11 bankruptcy

    Protestors in favour of solar energy

    SunEdison, one-time fastest-developing renewable energy firm in the US, has filed for Chapter 11 bankruptcy protection.

    In its bankruptcy filing, the company said it had assets of $20.7bn and liabilities of $16.1bn on 30 September.

    The firm has been looking in recent years to tap into growing demand for solar and wind energy.

  4. Wall Street closes lower

    The Dow Jones fell 0.63% to 17,982.52 points, while the S&P 500 lost 0.52% to 2,091.48. Meanwhile, the tech-heavy Nasdaq  was down 0.05% at 4,945.89.

  5. Pensioners face risks selling annuities, says FCA

    Sterling coins and notes

    Significant risks face those who decide to sell a retirement income - such as running out of money in old age, the City watchdog has said.

    A market for people to sell their annuity will be launched in April 2017, meaning pensioners can exchange their set retirement income for a lump sum.

    The government estimates that 300,000 people will cash in their products.

    Now the Financial Conduct Authority (FCA) has outlined the dangers that could result from selling up.

    Read more here.

  6. FBI paid at least $1.34m to get iPhone unblocked

    iPhone

    The FBI appears to have paid handsomely to get into the iPhone used by one of the San Bernadino killers. After Apple refused requests to unblock the phone, the FBI went elsewhere.

    Asked at a security conference how much the agency paid to get it done, FBI director James Comey said it cost "a lot. More than I will make in the remainder of this job, which is seven years and four months for sure," Reuters reports.

    Mr Comey's basic salary is $183,000 a year. That's at least $1.34m over seven years.

  7. Ashley Madison plaintiffs face publicity decision

    Ashley Madison website

    Plaintiffs suing online dating website Ashley Madison over a hacking breach that exposed customers' personal data must publicly identify themselves to proceed with the case, a US judge has ruled.

    Forty-two plaintiffs who had information exposed began legal action anonymously against the site's parent company Avid Life Media. 

  8. US and Gulf states to work together on oil

    Oil worker

    President Barack Obama has said the US and Gulf oil producers will work together to lessen the impact of low oil prices.

    Speaking in Riyadh on Thursday he said they "will launch a new high-level economic dialogue with a focus on adjusting to lower oil prices, increasing our economic ties and supporting GCC reforms".

    He was speaking after a summit in the Saudi capital with the six-nation Gulf Cooperation Council. 

  9. When Prince's free CD paid off

    Mail on Sunday with free Prince albums in 2007

    Sad news from the US, with the announcement by his publicist that singer Prince has died at his Paisley Park estate in Minnesota at the age of 57.

    He was one of the most inventive and innovative forces in US popular music, selling more than than 100 million records during his career, while working in a number of different genres.

    However, he was also an innovator on the business side of the industry, in 2007 famously giving British newspaper the Mail on Sunday exclusive rights to distribute his new album Planet Earth as a cover-mounted freebie.

    Planet Earth was not sold in record shops in the UK because of the newspaper promotion.  

    But although he missed out on album sales revenues in the country, the ploy more than paid off when he subsequent sold out 21 concerts at London's O2 Arena, boosted by the publicity and audience reach created around the giveaway. 

  10. Wall Street still flat

    It looks like Wall Street may be coming to the end of a three day winning streak, with low expectations for company first quarter earnings.

    The Dow Jones industrial average is down 61 points, or 0.34%, to 18,034.80 and the S&P and Nasdaq are also slightly down.

    "The market has a singular focus to retake the old highs set back in May last year," said Sam Stovall, US equity strategist at S&P Global Market Intelligence in New York. 

  11. Kevin Rawlinson

    BBC News

    Students at UC Davis are sprayed with pepper spray

    Kevin Rawlinson

    BBC News

    US university UC Davis apologises for hiring a PR firm to try to bury online references to an incident in which students were pepper-sprayed.

    Read more
    next
  12. Peugeot offices raided in emissions probe

    Peugeot car

    French car giant PSA Group, which owns Peugeot and Citroen cars, says its premises have been raided by France's anti-fraud squad as part of a probe into emissions. 

    "As part of ongoing investigations on pollutants in the automobile sector, today PSA Group has been the subject of a visit and a seizure by France's General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF)," it said in a statement. 

    It said it was co-operating with the authorities and "confirms compliance of its vehicles in pollutant emissions in all countries where it operates". 

  13. German TV football rights issue puts boot into Sky

    Schalke v Bayern Munich

    After a furore yesterday over Italian football TV rights, today it is German Bundesliga rights that are in the spotlight.

    As mentioned earlier Sky shares fell today, by 4%, on questions over the sale of future rights for airing German top flight matches from 2017-18 to 2020-21.

    Germany's Federal Cartel Office this month approved plans to keep any single buyer from winning all live TV rights to Bundesliga matches.

    The decision may raise costs for Sky, which netted all current live rights in 2012, as competition increases. "We think sell-side analysts expect the cost of Bundesliga rights to increase by between 25 percent and 60 percent," Numis analysts said in a note. 

  14. Sky leads FTSE lower at close

    FSE

    The London market ended the day in negative territory, with shares in Sky down by more than 4% after its latest trading update.

    Sky shares fell despite it reporting a 12% rise in operating profit to £1.1bn in the nine months to March.

    Analysts cited worries about a possible rise in the cost of TV rights to Germany's Bundesliga as the reason for the fall.

    At close, the FTSE 100 index was down 28.82 points, or 0.45%, at 6,381.44.

    It came after the ECB decided once again to leave interest rates unchanged as expected.

  15. Is Obama’s pro-EU stance “economically literate”?

    Kamal Ahmed

    Economics editor

    For a country with a current account deficit approaching 7% of gross domestic product - Britain - America is good news.

    The UK exports £47bn worth of goods and services a year to America, Britain’s most important single trading partner.

    It imports £41bn, creating a healthy trade surplus. In the European Union, only Germany exports more.

    The question ahead of President Barack Obama’s arrival tonight, is whether the UK’s membership of the European Union is a help or a hindrance to that trade relationship.

    Read more from from Kamal here.

  16. VW emissions deal

    More on the Volkswagen agreement in the US.

    District Judge Charles Breyer says the agreement will give those who bought nearly 600,000 Volkswagen cars, which cheated on emissions tests, the opportunity of having the carmaker buy back the vehicles or fix them. 

    The government and VW will have until late June to complete a final "consent decree" that will face public scrutiny before it comes into effect. 

  17. VW to provide 'substantial compensation' in US

    VW logo

    Scandal-hit German carmaker Volkswagen is to offer "substantial payouts" to car owners and buy back some of its vehicles in a US deal over the the emissions cheating scandal.

    Senior US District Judge Charles Breyer has said that as well as compensation to the diesel car owners, a deal with VW will also see the establishment of an environmental compensation fund.

    The agreement follows the discovery of "cheat" devices in 600,000 VW diesel cars last year.  

  18. Tesla orders keep rising

    Chris Johnston

    Business reporter

    Telsa logo

    Tesla now has almost 400,000 orders for its latest car, the model 3, chief executive Elon Musk said on Thursday. The electric car manufacturer said earlier this month that it had 276,000 orders

    Potential car owners need to put down deposits of $1,000 to reserve a vehicles. The first deliveries are not due until late next year, however. 

    Mr Musk said the level of interest in the five-seater car had "surprised even us". 

  19. Duncan Middleton

    Newsbeat reporter

    A scene from Last Odyssey Xbox 360

    Duncan Middleton

    Newsbeat reporter

    As Microsoft ends production of the Xbox 360, Newsbeat pays tribute to the legendary console.

    Read more
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