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Live Reporting

By Karen Hoggan

All times stated are UK

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  1. That's it for this week's Business Live

    We're shutting up shop early today.

    Thank you for joining us. 

    Have a good weekend and please do join us again at 6am on Monday.

  2. Pound falls again

    Sterling, dollar and euro notes

    Sterling is still below the $1.2900 mark, following Thursday's Bank of England inflation report.

    The report showed interest rates were unlikely to rise within the next two years. 

    The pound is at $1.2878, that's a fall of 0.08%. 

    It's at 1.1784 euros, down by 0.69%.

  3. Spain's Telefonica releases statement on cyber attacks

    Quote Message: In the middle of today's morning an incident of cybersecurity has been detected that has affected the PCs of some employees of the company's internal corporate network. Immediately, the security protocol for this type of incidents has been activated with the intention that the affected computers operate normally as soon as possible. from Telefonica
  4. FTSE 100 closes higher

    London Stock Exchange sign with Union Jack umbrella in front

    The FTSE 100 is at 7,435.39, that's a rise of 49 points or 0.66%.

    The biggest gain was seen by AstraZeneca. Promising results from the trial of a cancer drug helped to lift shares in the pharmaceutical giant.

    The company said that in a trial its immunotherapy drug Imfinzi had lowered the risk of stage III lung cancer worsening or causing death.

    Meanwhile, Hikma Pharmaceuticals was among the biggest fallers on Friday, dropping 2%.

    On Thursday it was announced the US Food and Drug Administration (FDA) wasn't going to approve its inhaled medicine for asthma and chronic lung disease just yet. Hikma said there was now a low likelihood of approval this year.

  5. Post update

    BBC World Service

    Turkish police have detained more than 50 former employees of Istanbul's stock exchange in dawn raids, as part of an investigation into last July's failed coup, reports BBC World Service. 

    Reports say the authorities traced them through an encrypted messaging app supposedly developed by followers of Fethullah Gulen, the US-based cleric Ankara blames for the coup attempt. 

    They're also said to have links to a bank associated with Mr Gulen, who denies any involvement in the plot. 

  6. Petrofac shares slide as SFO opens probe

    A Pertrofac plant in Tunisia
    Image caption: A Pertrofac plant in Tunisia

    Shares in oil services firm Petrofac have dived more than 14% after the Serious Fraud Office said it was investigating the business. 

    In a statement, the SFO said it was investigating the company, its subsidiaries and employees under suspicion of bribery, corruption and money laundering in relation to a probe into Moroccan oil company Unaoil. 

    In a statement, Petrofac said Unaoil provided it with consultancy services mainly in Kazakhstan, in the seven years to 2009. It also said it was cooperating with the authorities. 

    Boss Ayman Asfari and chief operating officer Marwan Chedid have both been questioned under caution by the SFO.

  7. Ecourier opens worker review

    Ecourier chief executive Ian Oliver says the firm has opened a review into the worker arrangements of its couriers after settling a dispute with the IWGB Union.

    Quote Message: We are now carrying out a review to work out how best to implement worker status for couriers where it reflects their actual working arrangements with us. We work with couriers who have many different working arrangements with us. That means that there is no 'one-size-fits all' solution, and we need to review the whole picture." from Ian Oliver ECourier chief executive
    Ian OliverECourier chief executive
  8. Spanish companies hit by cyber attack

    Telefonica, the Spanish owner of 02, has been hit by a cyber attack, according to Reuters.

    Other firms in the county have also had their computers infected with malicious software known as "ransomware" that locks up computers and demands ransoms to restore access. 

    "There has been an alert relating to a massive ransomware attack on various organisations, which is affecting their Windows systems," Spain's National Cryptology Centre said in a statement.  

  9. Courier company settles 'worker' dispute

    A delivery company has reached a settlement with union officials over one of its couriers in the latest case about employment rights in the gig economy.

    ECourier settled with trade union IWGB over Demille Flanore, a courier who argued he should be treated as a worker, rather than an independent contractor, and so be entitled to annual leave.

    "On review, we believe that in the case of Mr Flanore, worker status reflected his working relationship with us," Ian Oliver, chief executive of eCourier, told the BBC.

    IWGB said it has taken four courier companies to employment tribunals, but eCourier is the only one to have settled in this way.

  10. Weak JC Penney sales stoke fears of sector slowdown

    JC Penney store

    JC Penney is the latest US department store group to post weak first quarter results, stoking fears of a sector slowdown.

    Same-store sales slid 3.5%, undershooting estimates and sending shares in the retailer down by as much as 12%.

    On Thursday, rivals Macy's and Kohl's both suffered big share price falls after their first quarter results fell short of expectations.

    US department stores are struggling - and shutting down many of their outlets - as more people shop online.  

  11. Fiat Chrysler recalls 1.25m trucks

    Ram pickup truck

    Fiat Chrysler is recalling more than 1.25 million pickup trucks worldwide over a software error that "may be related" to a death and two injuries.

    The faulty code could potentially disable the side air bag and seat belt locking mechanism when a vehicle rolls over during a crash, the firm said.

    Recalled vehicles will be reprogrammed.

    Just over one million of the trucks were sold in the US, with thousands of others in Canada, Mexico and outside North America.

    "The company is aware of one fatality, two injuries and two accidents that may be related," said Fiat Chrysler in a statement.

    The firm added an investigation identified that the problem could be triggered following engine ignition. Read more here

  12. NHS 'cyber attack'

    There are reports of a string of cyber attacks on the NHS in England. 

    Among those affected are Barts Trust in London, the Lister Hospital in Stevenage, the NHS is Blackburn, Blackpool, Nottingham and Cumberland Infirmary in Carlisle. GPs are resorting to using pen and paper according to local newspaper the Blackpool Gazette.

    NHS England says they are aware of the issue and are looking into it.

  13. US consumer prices head higher

    Dollar bills

    More on the US consumer prices figures - and in April inflation rose by 0.2%, according to the Labor Department. 

    The rise suggests the 0.3% fall in March, the first for 13 months, was a blip. 

    In the 12 months to the end of April, prices increased by 2.2%. 

    The so-called core Consumer Prices Index - which excludes food and energy costs - crept up by 0.1% in April, having fallen by 0.1% in March. 

    As with the retail sales figures, these inflation figures will be seen as a sign that the US central bank will increase interest rates next month.    

  14. Locomore runs out of steam

    A Locomore train

    The Berlin rail start-up Locomore has been placed into administration just months after it launched a challenge to state-owned monolith Deutsche Bahn.

    Established in mid-December with modernised 1970s carriages and lower prices than Deutsche Bahn, Locomore offered one return trip per day between Berlin and Stuttgart, and had plans to expand to other lines. 

    But low bookings and maintenance problems meant it had to cut services to four days a week. 

    On Friday, Locomore's financial director, Katrin Seiler, said the fate of the firm's one line would be known soon, but for now all journeys were on hold. 

    Deutsche Bahn still operates 99% of long-distance services in Germany, despite the sector being liberalised in 1994.

  15. US retail sales rise in April

    US shopping mall

    US retail sales rose in April and consumer prices bounced back, bostering signs of a pick up in economic growth and steadily rising prices.

    That's increased expectations that the Federal Reserve will raise interest rates next month. 

    The Commerce Department said retail sales rose 0.4% last month after an upwardly revised 0.1% gain in March. 

    Sales rose 4.5% in April on a year-on-year basis. 

  16. Hard times for Richemont as watch sales slump


    Profits at the Swiss luxury goods giant Richemont have slumped after sales of its high-end watches fell 11%.

    The firm, which owns brands like Cartier, posted a net profit of 1.2 billion euros for 2016/2017 - down 46% - although the fall was steeper due to a one-off boost to profits last year following an asset sale.

    That said, profits still undershot expectations, and group sales fell from 11bn to 10.6bn euros. Chairman Johann Rupert blamed "changes in demand", particularly in the firm's watch businesses. 

    The luxury watch sector has been tough recently as demand in China and other Asian countries has ebbed.

  17. Russian miner takes Botswana to court

    BBC World Service

    Norilsk Nickel Africa is taking Botswana to the Court of International Arbitration.  

    The Russian mining giant is unhappy that a deal to sell a nickel mining operation to a state owned company in Botswana collapsed.  

    Michael Marriott, chief executive of Norilsk Nickel Africa, told Business Update: “It’s a centre of industrialisation in Botswana. 

    “We have tried to solve this matter as amicably as possible. 

    “Legal action is going to be extremely costly for both parties.”

    View more on twitter
  18. Wall Street opens lower

    Wall Street sign with US flags behind

    All three key US share indexes have opened lower.

    The Dow Jones is at 20,882.34, a fall of 37 points or 0.18%.

    The S&P 500 is at 2,390.65, that's down 4 points or 0.16%.

    And the tech-heavy Nasdaq is at 6,114.59, down 1 point or 0.02%.