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Summary

  1. Oil rises after US air strikes
  2. Gold also rises as investors seeks safe havens
  3. Lloyds sets aside £100m for HBOS fraud victims
  4. EU to rule on Fox-Sky deal
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night!

    That's all from Business Live for today and this week - thanks for reading. 

    We're back bright and early at 06:00 Monday so do join us then.

  2. All bets are off

    Billy Walters

    Before we leave you, some news about a verdict in a New York court case today.

    Famed Las Vegas sports gambler William "Billy" Walters (pictured) was convicted of insider trading charges in a scheme that prosecutors said enabled him to make more than $40m and involved a stock tip to star professional golfer Phil Mickelson. 

    In their second day of deliberations, jurors found Walters, 70, guilty on all 10 counts he faced, including securities fraud, wire fraud and conspiracy, following a three-week trial in federal court in Manhattan. 

    "Billy Walters lost his bet that he could cheat the securities markets and get away with it scot-free," said acting US Attorney Joon Kim.

    Walters, who built a fortune as one of the most successful US sports punters, was shocked by the verdict. "If I had made a bet I would have lost. I just did lose the biggest bet of my life."

    His lawyer said he would appeal. Sentencing is due on 14 July. 

  3. Wall Street treads water

    NYSE

    Stocks on Wall Street ended flat after the US economy added fewer jobs than expected in March. 

    Companies added 98,000 jobs last month - far fewer than the 180,000 forecast by economists, although the unemployment rate fell to a 10-year low of 4.5%, down from 4.7% in February. 

    The Dow Jones fell about 7 points to 20,655, while the S&P 500 slipped 1.9 points to 2,355.5. 

    The tech-heavy Nasdaq shed 1.1 points to 5,877.8.

  4. Hornby chuggs along

    A Hornby train set

    Shares in Hornby closed 8% higher today after the model train maker said the first stage of its turnaround plan was now complete. 

    The firm, whose brands also include Scalextric and Corgi, has been reducing the number of toys it sells after a bruising loss last year , as well as cutting costs.

    Neil Wilson, an analyst at ETX Capital, says it now needs to increase sales. "Its 'iconic’ brand has value for oldies but does an Airfix model Spitfire quite set the pulses racing like they used to?" he asks.  

    "Chugging along managing a slow and steady decline may be all that Hornby can hope for.”

    The company could be yours for less than £30m, by the way.

  5. Cohn on the up?

    Gary Cohn

    Could former Goldman Sachs senior executive Gary Cohn (pictured) be in line for a much bigger role in the Trump White House?

    The Wall Street Journal is reporting that President Trump - unhappy with infighting among his top advisers - is considering a major shake-up of his senior team.

    Mr Cohn, director of the National Economic Council, could replace Reince Priebus as chief of staff, according to the report.

    Steve Bannon, the president's chief strategist - who has clashed with Jared Kushner, Mr Trump's son-in-law and one of his closest advisers - may also find himself moved.

  6. Samsonite buys eBags

    Screengrab from eBags website

    Samsonite is paying $105m for US online bag retailer eBags as it looks for new sources of growth.

    The Colorado-based company was founded by five guys, pictured above, in 1998 and has since grown to be the country's largest online bags retailer.

    Samsonite bought luxury rival Tumi for $1.8bn in March.

  7. Romance is dead

    A shortage of bank notes in Zimbabwe has forced couples and wedding guests to find a new way to give and receive gifts.

    Video content

    Video caption: Card machines replace cash at Zimbabwe weddings
  8. US stock markets gain ground

    The Dow Jones Industrial Average has bounced higher again and is is now 49.68 points ahead at 20,712.63 despite Russia warning that the US air strike on Syria could have "extremely serious" consequences.

    The S&P 500 rose 5.05 points to 2,362.

    The Nasdaq is up 5.02 points at 2,362.56.

  9. Uber stolen files denial

    Uber app

    Uber has said that its self-driving sensor technology is "fundamentally different" from that of rival Waymo, denying that confidential files allegedly stolen from Waymo ever made it onto its servers.

    In a federal filing, Uber said its self-driving technology was independently developed, and never relied on confidential files belonging to Waymo, which is owned by Google's parent company Alphabet.

    The two companies locked in legal action are both vying to be the first to bring autonomous vehicles to the public.

  10. BreakingTwitter withdraws lawsuit after government backs down

    Twitter has dropped a lawsuit it had filed on Thursday against the US government , saying in court papers that the government had withdrawn a summons for information about an account critical of President Donald Trump. 

  11. Loss-making FIFA to stay in the red

    Fifa

    FIFA has reported a $369m loss for 2016 and expects to remain in the red this year.

    The governing body for football blamed the poor figure on the cost of investigating scandals , bad investments and accounting changes.

    It also expects pre-tax losses to grow to $489m in 2017 before the World Cup next year brings in revenues.

  12. US stock markets oscillate

    The US stock markets were volatile on Friday. 

    After opening lower, the Dow Jones Industrial Average rose 17.49 points when Donald Trump gave a positive assessment of his meeting with China's President Xi Jinping.

    However, that gain was pared back to a 7.07 point rise to put the Dow Jones at 20,670.02.

    The S&P 500 was flat at 2,357.83

    The Nasdaq is 3.59 points ahead 5,882.54.

  13. Trump and China: progress has been made

    Xi Jinping and Donald Trump

    Following a two-day summit with President Xi Jinping of China, during which the US launched an air strike on a target in Syria, President Donald Trump said: "The relationship developed by President Xi and myself I think is outstanding.

    "We look forward to being together many times in the future and I believe lots of very potentially bad problems will be going away so I just want to thank President Xi for being with us in the United States.

    "It's a tremendous honour for me and all of my representatives to host the president and his representatives and, again, progress has been made."

  14. Blame it on Stella

    Storm Stella

    Stella was responsible for March's lacklustre jobs market in the US .

    A storm in the North East of America - dubbed Stella - stopped businesses from hiring hence the 98,000 increase in new jobs as opposed to the expected rise of around 185,000.

    Phil Orlando, chief equity strategist at Federated Investors, said: "Our thinking is that there is nothing wrong with the labor market, other than the timing of Stella."

    The US Federal Reserve is still expected to lift interest rates twice more this year, particularly as the unemployment rate shrank from 4.7% to 4.5%.

    "As long as we see the unemployment rate decline, we will see more rate hikes," Cathy Barrera, chief economic adviser at ZipRecruiter told Reuters.

  15. Listen: South Africans protest over axed finance minister

    Video content

    This content only works in the UK.

  16. London stock markets close up

    The FTSE 100 ended trading 42.26 points ahead at 7,345.46 on Friday.

    Mining group Randgold Resources topped the risers, supported by a 1.2% rise in gold prices to $1,265.7 an ounce as investors sought safe assets following the US air strike against Syria.

    Randgold's shares rose 3.94% to £73.85.

    easyJet, which made the biggest gains on the FTSE 100 on Thursday. led the fallers today. Its shares fell 1.5% to £10.44.

    The FTSE 250 finished up 87.08 points at 19,213.16.

  17. Trump: my relationship with Xi is 'outstanding'

    Xi and Trump

    The first remarks from the US President's meeting with China's President Xi Jinping are emerging and Donald Trump says his relationship with his Chinese counterpart is "outstanding".