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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. BMW recalling 88,000 more cars
  3. Campbell Soup chief executive steps down
  4. Watchdog starts Sainsbury's-Asda consultation
  5. AstraZeneca boss faces pay revolt
  6. Broadband speeds 'far slower than in ads'

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC Testcard

    That's it for this week on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Monday.

    Do join us then for all the latest breaking news and analysis from the business world.

  2. Jet Blue's Joanna Geraghty boosted by promotion

    JetBlue Airlines

    Jet Blue has promoted Joanna Geraghty to president, which makes her the highest-ranking woman at any large US airline.

    Ms Geraghty, 45, will deal with day-to-day operations, as well as overseeing Jet Blue's commercial team.

  3. Wall Street closes flat

    Wall Street

    Wall Street shares continued to remain flat for the rest of Friday, due to investor fears over US-China talks and pressures on banking and technology stocks.

    The Dow Jones Industrial Average ended just 1 point ahead to 24,715.09.

    The S&P 500 meanwhile finished 7.1 points or 0.3% lower to 2,713.01.

    And finally, the tech-heavy Nasdaq closed 28 points or 0.4% down to 7,354.34.

  4. China is meeting US trade demands, says Kudlow

    White House economic advisor Larry Kudlow

    The White House economic advisor Larry Kudlow told reporters that China is "meeting many of our demands" on reducing its trade surplus with the US.

    No deal had yet been agreed on, however Mr Kudlow said: "China has come to trade.

    "They are meeting many of our demands. There is no deal yet to be sure, and it's probably going to take a while to process, but they're coming to play."

  5. Campbell Soup blaming woes on steel tariffs

    US Commerce Secretary Wilbur Ross

    A row is blowing up on US business TV - after reporting a first-quarter loss and announcing the immediate retirement of its chief executive today, Campbell Soup said in an earnings call that steel tariffs were hurting the company's bottom line.

    In March, the Trump administration imposed a 25% tariff on steel imports, and a 10% tariff on aluminium.

    According to CNBC, the US Secretary of Commerce Wilbur Ross didn't take this comment too well.

    When asked about this on a CNBC TV appearance, Mr Ross replied: "It is physically impossible that a few days of a tariff resulted in a $393m loss. They are using (the tariffs) as a cover-up for other problems."

    He even held up a can of Campbell's chicken noodle soup and pointed out that the can only contained 2.6 cents worth of steel, and that even if the price of steel went up, that would only be six-tenths of 1 cent on the price of that can.

  6. Trump urging US Postal Service to raise charges for Amazon

    Amazon parcels

    US President Donald Trump has been personally urging the US Postal Service to double postage rates it charges Amazon and other online-only retailers to ship packages, according to the Washington Post.

    President Trump has long disliked Amazon, saying it is responsible for the demise of traditional mom n' pop brick and mortar stores.

    Three sources told the Post that US Postmaster General Megan Brennan has been resisting Trump's commands, telling him that the arrangements bound by contracts and can only be changed after a review by a regulatory commission.

    She even went as far to present him a set of slides to explain how Amazon's relationship is beneficial to the US Postal Service.

    However, President Trump has persisted in his criticism, and in April, signed an executive order mandating a goverment review of the US Postal Service.

  7. Goldman chief executive Blankfein 'likely' to step down in 2018

    Goldman Sachs CEO Lloyd Blankfein

    It is thought Goldman Sachs' chief executive Lloyd Blankfein is likely to step down by December.

    David Solomon, currently the president of Goldman Sachs, is likely to be named the next chief executive, and is allegedly already planning his senior management team, sources told the New York Times.

    The bank has been through troubled times after its previous aggressive approach to stocks and bonds trading was scuppered by tougher federal regulations following the financial crisis, and it is hoped that Mr Solomon will lead Goldman Sachs into a new era where the bank can generate additional revenue streams.

  8. Coutts probes complaints of sexism

    Coutts logo

    Coutts, the bank to the royal family, is investigating its employees for allegations of sexist behaviour.

    A Coutts employee was pictured wearing a lewd hat adorned with what looked like a novelty penis, on a work-sponsored charity cricket trip to Rwanda in October 2017.

    “We are aware that a wholly inappropriate and insensitive item was worn by a member of staff on a recent charity visit," a Coutts spokesman said in a statement.

    "This poor judgement does not reflect the values of the bank and falls below the standards that we regard as acceptable behaviour. A thorough investigation has been undertaken and appropriate action taken.

    “We are committed to ensuring a continued focus on our conduct and culture, and we encourage all employees to speak up where they experience or encounter any behaviour that falls below our standards.”

  9. London closes lower

    London Stock Exchange

    London shares have ended lower as investor enthusiasm waned following Thursday's record close. However the FTSE still posted its eighth straight week of gains.

    The FTSE 100 ended down 9.2 points or 0.1% to 7,778.79.

    The FTSE 250 closed 30 points or 0.1% lower to 20,989.77.

  10. BMW didn't think fault would affect Europe

    Theo Leggett

    BBC Business News Reporter

    BMW logo

    More on the BMW story.

    BMW recalled almost 50,000 cars in the US earlier this month to rectify fan blowers that could overheat.

    As with last week's recall, BMW initially thought the fault wouldn't occur in Europe because in a cooler climate the system is under less stress.

    BMW says it is aware of six cases in which UK-spec cars have caught fire - it is not aware of any injuries.

    BMW said in a statement: "BMW has chosen to expand on its existing battery connector recall by also replacing the blower-regulator wiring harness on affected 3 Series models. This involves replacing two wiring connections on the cars already affected and recalling an additional 88,000 cars in the UK.

    "We are taking the opportunity of the existing recall to proactively check and replace the wiring harness of the blower regulator. In doing so we are taking every precaution in terms of safety while minimising disruption and inconvenience to affected customers.

    "This affects BMW 3 Series models manufactured between December 2004 and July 2011. BMW has notified the DVSA of its intention to recall and will begin the recall process immediately."

  11. Engie to end engineering contracts with Iran

    Engie logo

    French energy firm Engie has announced that it will end its engineering contracts with Iran by November, following President Trump's withdrawal of the US from the 2015 nuclear accord with Iran.

    "We have 180 days to end these contracts, which takes us to November. It will be done," Engie's chief executive Isabelle Kocher told shareholders at a meeting today.

  12. BreakingBMW recalls almost 88,000 more cars in the UK

    BMW logo

    BMW is recalling an additional 88,000 cars in the UK due to a fire risk, which takes the total recall up to close to 400,000 cars.

    The car manufacturer is expanding its existing recall for cars containing a cable connecting the car battery to a blower fan, which has been found to catch fire.

    This recall is on top of the existing recall announced earlier this month, after BBC's Watchdog found that vehicles could cut out completely while they are being driven.

    More information to follow.

  13. Lloyds faces potential shareholder revolt

    Lloyds Bank chief executive António Horta-Osório

    Lloyds Banking Group is apparently facing a potential shareholder revolt over its chief executive António Horta-Osório receiving an 11% pay rise, according to the FT.

    In a report to investors, Institutional Shareholder Services (ISS), an influential adviser whose advice is often followed at annual meetings said it had concerns about the bank's bonus framework, which ISS felt was "unduly complex".

    ISS said that Mr Horta-Osório's pay packet was 95 times more than an average Lloyds employee.

    Lloyds has now returned completely to the private sector. It was bailed out by the UK government during the financial crisis in 2008.

  14. Airbnb to report homeowners' income to Danish tax authorities

    Airbnb logo

    Airbnb will automaticallyreport homeowners' income to Danish tax authorities in what could be a first for the short-term accommodation rental service.

    The agreement is aimed at making tax avoidance easier to detect and comes as Airbnb, like its taxi-hailing peer Uber, faces growing pressure from regulators worldwide.

  15. Steinhoff reports first-half loss

    Poundland

    South African retailer Steinhoff has reported a first-half net loss, despite retail revenues rising 1% to €9.4bn for the six months to 31 March 2018.

    The Poundland owner, which is embroiled in an accounting scandal, said it is now in restructuring talks with creditors in London, and that it is now a top priority for the retailer to sign off a restructuring plan with creditors as soon as possible.

    Steinhoff has been selling off assets to raise money, but in April it said that its debt levels are still too high even after taking this approach.