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Live Reporting

By Bill Wilson

All times stated are UK

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  1. Good night

    That is all from us this week at Business Live. Have a good weekend and see you again on Monday. 

  2. Nasdaq and S&P at record highs

    US shares closed sharply higher on Friday, with the S&P and the Nasdaq beating their all-time closing highs.

    It came after a better than expected jobs report.

    The Nasdaq was up 1.1% to 5221.12, topping its record close set in July 2015.

    Meanwhile, the S&P 500 closed 0.9% higher to 2182.87, above its closing high of 2175.03 from this July. 

  3. Oil prices drop slightly

    Oil prices dipped slightly on Friday. On the New York Mercantile Exchange, a barrel of West Texas Intermediate benchmark crude for September delivery fell 13 cents to close at $41.80.

    Meanwhile in London, North Sea Brent for October delivery fell 2 cents to $44.27 a barrel.

  4. Panama Papers 'transparency duo quit'

    Reuters reports that economist Joseph Stiglitz and Swiss lawyer Mark Pieth are resigning from a committee set up by the Panamanian government to look into improving transparency.

    The probe was set up following the Panama Papers data leak, which showed how wealthy individuals and public officials were able to keep personal financial information private.

  5. Netflix to make more original dramas ...

    BBC World Service

    Netflix is determined to make more of its own dramas, to repeat the success of House of Cards. The company's chief executive, Reed Hastings, believes it will gain new customers.  

    "We're always seeking to improve," he tells World Business Report.    

    Video content

    Video caption: Netflix is determined to invest more in making its own programmes.
  6. Pokemon Go banned in Iran

    BBC World Service

    Pokemon Go game on smartphone

    It's been confirmed that the Iranian authorities have banned the smartphone reality game, Pokemon Go, reports BBC World Service. 

    The secretary of a committee which oversees Internet activity in Iran said the decision had been taken on account of "security concerns", but he didn't say exactly what these were. 

    The game encourages players to go hunting virtual creatures in real-world locations. 

    It has prompted some security worries in places like Indonesia and Israel, where there's been concern that sensitive images might be leaked if Pokemon Go was played around military bases.   

  7. Brexit latest: How is the UK economy doing?

    EU and Union flags

    The UK may have decided to leave the European Union on 23 June, but what this will actually mean for the country's economy, housing and jobs markets will only become clear in the ensuing months.  

    The BBC Business website's Tim Bowler investigates

  8. US consumer advocates push for higher VW payout

    Zoe Thomas

    US business reporter

    Volkswagen logo

    Consumer Reports, a leading US consumer advocate, has called on the Department of Justice to increase the compensation Volkswagen must pay vehicle owners affected by the emissions scandal. 

    In a comment letter, Consumer Reports said the payouts should be "at least several hundred dollars higher" per car,  to reflect true market value. 

    It also advocated that car owners who opt to allow VW to fix the problem be given a chance to change their minds and take a "buy-back" because the cars may not operate the same after the changes are made.

    The DoJ and the VW announced a $10bn (£7.6bn) deal last month that is scheduled to receive final approval in October. 

  9. S&P hits record high

    dollar bills

    The S&P 500 has touched another record intraday high after a second month running of strong labour market data.

    The S&P 500 touched 2,180.78, its ninth record intraday high since July.  

  10. Premier Oil reports 'significant' North Sea find

    Oil worker

    Premier Oil has announced a "significant" oil find in the Outer Moray Firth, following a drilling operation.

    The company said there were indications that the discovery, in a subsea prospect named Bagpuss, was "heavy oil".

    Heavy oil is more viscous than other oil, and more difficult to extract from rock.

    The well has been plugged and abandoned while further analysis is carried out.

    Premier Oil's director of exploration and North Sea, Robin Allan, said: "The Bagpuss well has proven a significant volume of oil in place.

    "We will now work with our partners to carry out a full analysis of the hydrocarbons and reservoir encountered to ascertain whether commerciality can be established."

  11. AC Milan sale to Chinese finalised

    AC Milan fan

    Silvio Berlusconi has agreed to sell more than 99% of AC Milan to a group of Chinese investors, announced Fininvest, the holding company of the Berlusconi family. 

    After months of negotiations the value of the Italian giants - who have won the Champions League seven times - has been set at €740m. 

    The deal was signed by Danilo Pellegrino, the Fininvest CEO, and Han Li, a representative of the Chinese investors. 

  12. Southern rail strike to go ahead

    Talks break down

    Southern Rail train

    A five-day strike on Southern trains is to go ahead from next Monday.

    The RMT union said talks with Southern's operator Govia Thameslink (GTR) broke up after the company rejected an offer to suspend the action.

    The union had wanted GTR to put forward a similar offer to one given by ScotRail in a separate dispute.

    However, GTR said the RMT rejected an eight-point compromise to settle the dispute.

    Southern is planning an emergency timetable with nearly 60% of services running.

  13. FTSE closes ahead again

    FTSE

    UK shares continued to rise following Thursday's interest rate cut, with the FTSE 100 reaching its highest level since July 2015, but RBS shares fell after it reported worse-than-expected losses. 

    After rising 1.6% on Thursday, the FTSE 100 climbed another 53 points, or 0.79%, to 6793.47. 

    However, Royal Bank of Scotland shares dived 7% after it reported a £2bn loss for the first half of the year, which it blamed on "legacy issues". RBS also said it would not separate and list its Williams & Glyn business. 

    Shares in housebuilders rose as updates from two firms in the sector helped to ease fears of a Brexit-induced downturn in the sector. Bellway rose 5% after the housebuilder said customer confidence and trading conditions have "remained strong throughout the year", while bricks and concrete products maker Ibstock jumped 7.6% after it said trading was continuing at normal seasonal levels. 

  14. Air Berlin adds business class to short and medium haul

    Air Berlin plane

    Air Berlin, Germany's second-largest airline, is to introduce business-class travel on all its German and European flights.

    "We're at the beginning of a far-reaching process of change, at the end of which will stand a new, strengthened Air Berlin," chief executive Stefan Pichler said in a statement. 

    Air Berlin has long offered business-class seating on its long-haul flights.

    But now it will also offer the service, which also includes priority at airport security and when boarding, access to first-class lounges and a-la-carte dining, on short and medium haul services. 

  15. 'The challenge for the challenger banks'

    Simon Jack

    BBC Business Editor

    RBS bank

    Royal Bank of Scotland's decision to shelve the spin-off of 300 branches and two million customers under the old Williams & Glyn brand is much more than a tale of expensive IT headaches.

    Having spent a billion pounds trying to carve out an independent bank for sale, RBS has decided that this new-born foal of a bank would not be steady enough on its feet to survive in this harsh banking environment.

    With interest rates at record lows, banks are finding it harder than ever to make money as profit margins are squeezed. Smaller players like Shawbrook and Aldermore, with exposure to UK SMEs, are thought to be more affected by the weakening UK economy that the Bank of England and others expect to see.

    That's exactly the niche in which Williams and Glyn was going to sit, and despite the efforts of Mark Carney to throw down some cushions in the form of cheap money to lend on to customers, it still looks a very uncomfortable place to be.

    Read more from Simon here. 

  16. Wall Street ahead on strong jobs figures

    Dow Jones

    Wall Street opened higher on Friday as strong jobs figures boosted optimism about the strength of the US economy. 

    Figures showed the economy created a stronger-than-expected 255,000 jobs last month. The figures for May and June were also revised upwards, and the data adds to speculation that the Fed will raise interest rates by the end of the year. 

    The Dow Jones Industrial Average (see chart above) rose 122.96 points, or 0.7%, to 18,475.01. The wider S&P 500 index climbed 10.34 points to 2,174.59, while the Nasdaq was 25.46 points higher at 5,191.71.