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Summary

  1. US markets continue losing streak into Friday
  2. FTSE ends the day up by 1.2%
  3. HSBC settles $1.6bn lawsuit over Household International
  4. Chinese patent ruling over iPhone 6 hits Apple shares
  5. Ericsson investigated in US on corruption allegations
  6. Revlon buys Elizabeth Arden

Live Reporting

By Bill Wilson and Andreas Illmer

All times stated are UK

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  1. Good night

    That is all from us here at Business Live for this week. Join us again bright and early on Monday morning.

  2. Gold adds shine ahead of EU vote

    Gold bars

    Gold prices hit a near two-year high this week as investors sought out safe investment havens ahead of the vote in the UK next week about future EU membership.

    On Thursday the precious metal hit $1,315.71 an ounce, its highest since August 2014. 

    Gold fell back on Friday to stand at $1,287.58 an ounce, but was still ahead for the week. 

  3. US markets close down

    Wall Street continued its lacklustre performance so far this week, as markets slipped further behind on Friday.

    Apple dragged down all three major US stock indexes, as it fell by 2.28% after a patent dispute went against it in China.

    The Dow Jones fell 58.07 points, or 0.33%, to 17,675.03

    Meanwhile the broader Standard & Poor's 500 index fell 6.76 points, or 0.33%, to 2,071.23, and the tech-based Nasdaq fell 44.58 points, or 0.92%, to 4,800.34.

  4. Sterling rebounds amid torrid markets

    Sterling has risen more than 1% against the dollar to stand at $1.4354 amid market turbulence surrounding the upcoming UK referendum on whether to stay in the EU.

    The pound had tumbled earlier in the week, getting close to $1.40.

  5. Rogue trader Kerviel 'should not be liable'

    Jerome Kerviel

    A French public prosecutor has said that disgraced former Societe Generale trader Jerome Kerviel should not have to pay any damages for the massive losses he caused.

    SocGen has claimed a €2.2bn tax deduction over the losses. 

    At a Versailles court the prosecutor said his recommendation was based on a view that lax controls at the bank allowed Kerviel to commit his fraud. 

    A judge is expected to rule on the case on 23 September. 

    Kerviel was sentenced to three years in prison after conviction for breach of trust and fraud over €4.9bn of losses from his trades. 

  6. 'Made in Switzerland'

    Moves to keep watch industry ticking over

    An apprentice works on a Swiss watch

    Switzerland has adopted regulations requiring that locally-made watch parts make up at least 60% of the value of a timepiece before it can be labelled "Swiss Made".

    The change comes into effect on 1 January.  

    It expands the parts-percentage-criteria from just the main mechanism to all parts, and it also increases the minimum value  of the parts from their present 50% threshold.

  7. Is Uber fighting losing battle in China?

    The FT tweets...

  8. "The work doesn't have much purpose"

    Video content

    Video caption: Why some graduates drop out of investment banking careers early.
  9. Scotland's new energy: The answer is blowing in the wind?

    BBC Scotland Business Editor Douglas Fraser tweets...

  10. Plastic at 50 on BBC Radio 4 this Sunday

    BBC Business Editor Kamal Ahmed tweets...

  11. Is sterling over its Brexit uncertainties?

    The Wall Street Journal tweets...

  12. Pioneering the Panama Canal

    BBC World Service tweets...

  13. Doors start to close on flagship BHS store

    BBC Business Correspondent Emma Simpson tweets...

  14. FTSE and gold both up

    Gold bars

    London's FTSE 100 has closed the day with a solid gain of 1.2%, up by 70.61 points, at 6,021.09 points. 

    It comes after a week where it has been bumping along under the 6,000 mark. 

    Both sterling and bond yields rose on Friday while gold also continued its rally in the face of uncertainty around next week's EU referendum in the UK. 

    The precious metal was on track for a third week of gains.

  15. EU tackles corporate tax dodgers

    Euro notes

    EU member states have agreed on a preliminary deal to combat corporate tax avoidance. 

    The bloc had been under renewed pressure to reach a deal in the wake of revelations from the Panama Papers and Luxleaks cases.

    Corporate tax practices are estimated to cost EU states around 70bn euros ($76.10bn; £53.3bn) a year in lost revenues.

    Some critics say the deal is watered down from its original proposals, and is not as effective against corporate tax dodgers as had been hoped.

    The deal is suspended until Monday. If no country raises objections by then, the agreement will take effect. 

  16. Apple drags US stocks lower

    Apple stock graph

    Wall Street continued its lacklustre performance so far this week, as markets slipped further behind on Friday.

    Apple dragged down all three major US stock indexes, as it fell by 2.25% after a patent dispute went against it in China.

    The Dow Jones fell 76 points, or 0.4%, to 17657.32

    Meanwhile the broader Standard & Poor's 500 index fell 9 points, or 0.45%, to 2,068 and the tech-based Nasdaq fell 39 points, or 0.8%, to 4,806.

  17. DiCaprio to testify in Wall Street case

    The film was nominated for five Oscars in 2014

    A judge has ordered Leonardo DiCaprio to testify in court in the case brought by an ex-stockbroker who alleges The Wolf of Wall Street depicted him as a "depraved" drug-fuelled criminal.

    Andrew Greene claims the character Nicky "Rugrat" Koskoff is based on him.

    Mr Greene worked at Stratton Oakmont, the brokerage house founded by Jordan Belfort, played by DiCaprio.

    The judge granted Mr Greene's motion to compel a deposition in New York on Thursday, Hollywood Reporter said.

  18. More on China's ruling against Apple

    BBC Business tweets....

  19. Fresh cash for Athens

    EU and Greek flags
    Quote Message: A welcome breath of oxygen for the Greek economy. from Pierre Moscovici, EU Commissioner for Economic and Financial Affairs
    Pierre Moscovici, EU Commissioner for Economic and Financial Affairs

    The eurozone's bailout fund has approved a fresh tranche of money for debt ridden Greece.

    The amount of 7.5bn euros (£5.9bn; $8.4bn) is scheduled to be paid out early next week and is part of a larger deal agreed on in May. Final approval by the European Stability Mechanism (ESM) though still depended on a number of reform conditions which have now been fulfilled. 

    The country is in urgent need of the fresh money from Europe to service two debt payments to the European Central Bank next month.  

    Greece owes its creditors more than €300bn - about 180% of its annual economic output (GDP). 

  20. Beijing orders halt to iPhone 6 sales

    The Wall Street Journal tweets...