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Live Reporting

Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card F

    Thank you for joining Business Live for an extraordinarily eventful week.

    Have a great weekend and we look forward to bringing you all the breaking business and economic news from 6.00am on Monday.

  2. Waiting for the other shoe to drop?

    Steve Bannon

    It has been a volatile day for US stocks.

    Indexes opened down or flat, rose once it was confirmed that White House chief strategist Steve Bannon was leaving, then fell again.

    "There are still question marks on what this means and what other shoes are to drop, like other personnel of note," says Mark Luschini, chief investment strategist at Janney Montgomery Scot.

    He added: "This is noteworthy, but it's not necessarily economic and therefore the market is viewing it as a positive but only marginally positive, as it doesn't put money in anybody's pocket in the way tax reform would."

  3. US stock markets close down

    After another frenetic day of news, the Dow Jones Industrial Average has closed 75.63 points lower at 21,675.10.

    Following earlier gains, the S&P 500 finished 4.49 points lower at 2,425.52.

    Also, after a brief rally, the Nasdaq ended 5.39 points down at 6,216.53.

  4. Oil prices rise

    Old prices have held onto earlier gains.

    Brent crude is 3.6% higher at $52.87 a barrel.

    West Texas Intermediate is up 3.3% at $48.62 a barrel.

  5. Not lovin' it


    There's an interesting story in the Daily Telegraph. The newspaper reports that the fast food chain McDonald's could be facing its first strike in the UK since opening here in 1974.

    Workers at two of its outlets - in Crayford and Cambridge - have been balloted following claims McDonald's has failed to end zero hour contracts while some people have complained about the company's grievance procedure.

    Ian Hodson, national president of the Bakers, Food and Allied Workers Union. told the Telegraph: "We fully support the historic decision by these workers to stand up and fight back against McDonald’s, which has had countless opportunities to resolve grievances by offering workers a fair wage and acceptable working conditions.”

  6. Watch: Million dollar idea

    The microwave oven is one of the most-used inventions of modern times. But we might never have had it, except for a chance discovery made by scientists in the Second World War.

    The BBC's Aaron Heslehurst explains how it became a million dollar idea.

    Video content

    Video caption: How the microwave oven became a million dollar idea
  7. Markets fear lack of policy progress

    Donald Trump

    Commenting on the US administration, Bruce McCain, chief investment strategist at Key Private Bank, said investors were fearful about the progress of policy change.

    "It appears they've gotten so bogged down in the politics of Confederate monuments, everybody thinks they're incapable of delivering meaningful change," he said.

  8. Stock market traders greet Bannon's exit with cheers

    CNBC has just posted a video where traders can he heard cheering the news that White House chief strategist Steve Bannon is leaving the Trump administration.

    View more on twitter
  9. Steve Bannon is out

    White House press secretary Sarah Huckabee Sanders has just issued the following statement: "White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve's last day. We are grateful for his service and wish him the best."

  10. Well, that was brief...

    After a brief spell in positive territory, the Dow Jones Industrial Average is now trading down 10.83 points at 21,739.90.

    The S&P 500 is just holding onto gains, up 1.80 points at 2,431.81.

    The Nasdaq is now 11.85 points ahead at 6,233.77.

  11. Oil prices jump on reduced US rig count

    Oil pumps in the US

    Oil prices jumped on Friday after Baker Hughes said that US energy businesses cut five oil rigs in the week to 18 August.

    It is the second week in three that companies have reduced the US rigs count according to the energy services firm.

    Brent crude has jumped 3.1% to $52.61 a barrel.

    West Texas Intermediate is up 2.8% to $48.40 a barrel.

  12. Bannon was ' a divisive figure'

    Steve Bannon

    Commenting on the turnaround in US stocks on Friday, Peter Costa, president of Empire Executions, says: "I think it was the rumor of Steve Bannon getting fired.

    "There's a lot of hopeful people thinking that, 'you know what, he has been a divisive figure in the White House ... Getting rid of him might be a good deal for the president.'"

  13. US stock rebound on Bannon 'exit'

    The Dow Jones Industrial Average is up 22.59 points at 21,773.32 following reports in the New York Times that US President Donald Trump has told aides that he plans to push out chief strategist Steve Bannon.

    The S&P 500 has added 5.96 points to 2,435.97.

    The Nasdaq is up 25.45 points at 6,247.37.

  14. BreakingTrump set to remove Steve Bannon - NYT

    White House chief strategist Steve Bannon is set to be pushed out by the US President Donald Trump according to reports in The New York Times.

    More to follow...

    View more on twitter
  15. How hackers are targeting the shipping industry

    Fidra Cyber Security

    When staff at CyberKeel investigated email activity at a medium-sized shipping firm, they made a shocking discovery.

    "Someone had hacked into the systems of the company and planted a small virus," explains co-founder Lars Jensen. "They would then monitor all emails to and from people in the finance department."

    Whenever one of the firm's fuel suppliers would send an email asking for payment, the virus simply changed the text of the message before it was read, adding a different bank account number.

    "Several million dollars," says Mr Jensen, were transferred to the hackers before the company cottoned on.

    Read the full story here.