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Summary

  1. FTSE 100 dragged down by financial shares
  2. Terra Firma drops Citigroup EMI lawsuit
  3. Russia cuts interest rates to 10.5% from 11%
  4. Tesco confirms sale of Giraffe and Turkish business
  5. Shares in Japanese messaging service Line to go on sale next month
  6. India to impose 25% tax on sugar exports

Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Good Bye!

    That's all for today on the Business Live page. 

    Thank you for joining us.

    We will - of course - be back bright and early on Monday morning.

    Do join us from 6am for all the up-to-date business news. 

  2. FTSE 100 down on global growth fears and EU uncertainty

    London Stock Exchange sign

    The FTSE 100 failed to claw back into positive territory on Friday.

    It closed down 1.86% at 6,115.76.

    Worries about global economic growth and uncertainties about the EU referendum vote seem to be affecting investors' sentiment. 

  3. Adidas versus Nike - the sponsorship war

    BBC World Service

    Journalist Kevin Roberts of Sportbusiness International magazine explains to the Business Daily's Ed Butler the bidding war that's going on and how high the stakes are.

    Video content

    Video caption: Sports journalist Kevin Roberts explains the bidding war and how high the stakes are.
  4. Wall Street winners

    So the weekend's nearly upon us - but for the aspiring athletes of Wall Street it's not going to mean the chance to laze around with a cup of coffee reading the newspapers.

    The Wall Street Decathlon is this weekend. The event is a competitive match-up between workers at the top US banks and investment firms that raises money for charity.

    Other cities have similar events that allow people of all professions to compete but in New York you have to work on Wall Street.  

    Last year, a group from Goldman Sachs was the winner in the team category.

  5. GM boosts spending on driverless cars research

    GM logo

    General Motors Co said on Friday it will create about 1,000 jobs in the Canadian province of Ontario. It's stepping up research spending on connected and driverless cars, reports Reuters. . 

    GM also said it would invest $10m (£7m) million in its Kapuskasing, Ontario cold-weather facility, where it would conduct testing for new GM products and technologies. 

    Ontario Economic Development Minister Brad Duguid and General Motors' Canadian president Stephen Carlisle have been promoting Ontario, the first Canadian province to allow on-road testing of driverless vehicles, as a high-tech hub for connected-car development. 

  6. Wall Street down on global uncertainty

    Wall Street sign in front of US flags

    Shares on Wall Street have opened lower today, following on from yesterday's declines. 

    Concerns about global economic growth and a sharp drop in oil prices seem to be the key factors behind the falls. 

    Bank stocks came under pressure again as global issues, including uncertainty over when US interest rates are going to go up and Britain's EU referendum saw investors putting their money into safe haven assets. 

    "I think its the fear factor (on global issues) that is pushing stocks a little bit," said Peter Cardillo, chief market economist at First Standard Financial in New York.

    "The British exit is beginning to become more of a factor now and that's due to the fact that we have crumbling yields throughout the globe." 

    A short while ago the Dow Jones was down 0.48% at 17,899.34.

    The Nasdaq was at 4,910.27 - a fall of -0.98%.

    And the S&P 500 was at 2,100.58 - that's down -0.70%.

  7. Africa's biggest mobile company settles Nigeria fine

    BBC World Service

    The South African telecoms company MTN says it has agreed to pay a $1.7bn (£1.2bn) fine to the Nigerian government over its failure to disconnect unregistered mobile phone users, reports BBC World Service.

    The mobile phone giant had been asked to pay over $5bn, but was able to get the amount reduced through negotiations with the government. 

    The Nigerian government said Boko Haram militants were able to use unregistered phones, making them harder to trace.  

  8. Recap of how Terra Firma and Citigroup ended up in court

    EMI logo

    If you haven't been following the Terra Firma legal case against Citigroup - here's a quick reminder of how it all began.

    Terra Firma - whose chairman is Guy Hands - took over EMI for £2.4bn in 2007, shortly before the financial crisis.

    Citigroup had advised EMI, which was then listed on the stock market, but also provided finance to Terra Firma for the deal.

    After EMI's sales began to slump following Mr Hands' takeover, the bank ended up taking control of the label in 2011.

    Guy Hands had sought damages of £1.5bn alleging that the US investment bank misled him over the deal.

    Citigroup denied the allegations. 

    Mr Hands had tried to sue Citigroup in the US, but the case ended in 2014 when a jury found that the bank had not misled Terra Firma.

    Mr Hands had argued that Citi led him to believe other parties were interested in EMI.

  9. Guy Hands: 'Matter is now closed'

    More on the dropping of the Terra Firma allegations against Citi ...

    Quote Message: These claims were brought in good faith. However, it has become evident that our documentation of the fast-moving and complex events, and memories of these events after nine years, are no longer sufficient to meet the high demands of proof required for a fraud claim in court. The matter is now closed. Terra Firma is looking to the future. We have an exciting portfolio of companies, a talented and experienced team, supportive and loyal investors and one billion euros of capital to invest. from Guy Hands Terra Firma chairman
    Guy HandsTerra Firma chairman
  10. Citi welcomes withdrawal of Terra Firma's allegations

    Quote Message: We have always maintained that the allegations made by Terra Firma were entirely baseless and that City, specifically David Wormsley, Michael Klein and Chad Leat, acted at all times with absolute honesty and professional integrity throughout the EMI transaction. We are very pleased that Terra Firma has unreservedly withdrawn the allegations, agreed to the dismissal of the proceedings and will pay Citi's costs in relation to this matter. from Citi statement
    Citi statement
  11. Guy Hands' Terra Firma drops allegations against Citi

    Terra Firma agrees to pay defendant's costs after withdrawing allegations against US investment bank Citigroup over EMI buyout. 

  12. Banks to get bigger industry body

    Canary Wharf

    The banking industry is likely to have more clout following the merger of three bodies that represent different parts of the sector.

    The BBA, Council of Mortgage Lenders, Payments UK and UK Cards Association are all teaming up.

    Anthony Browne, BBA CEO, said: “It is right that our members get effective representation and value for money from their trade associations. The BBA membership has voted 94 per cent in favour of consolidating the BBA as part of a new Financial Services Trade Association."

  13. MPs want to question Pensions Minister

    Frank Field is chairman of the Work and Pensions Committee and a Labour MP.

    BBC personal finance reporter Simon Gompertz tweets:

    View more on twitter
  14. Pubs anticipate beer guzzling weekend

    Dog and Gun near Leicester

    The British Beer and Pub Association estimates that an extra 17 million pints of beer will be sold over this weekend due to the Euro 2016 football tournament and the extra pub opening hours granted to mark the Queen's 90th birthday.

  15. FTSE 100 extends losses

    FTSE 100 graph

    The FTSE 100 has extended its losses on the back of worries about global economic growth and uncertainties over the EU referendum vote.

    Falls were broad-based, with Barclays, Easyjet and paper and packaging firm Mondi all down more than 3%. Shares in insurer Standard Life fell 2.3% after investment bank UBS cut its price target. 

    In early afternoon trading, the index was down 1.58% at 6,133.6 points, with Fresnillo and Randgold Resources the only two stocks managing to creep into positive territory. Both are benefiting from a rise in the gold price as investors move into safer assets.