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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. US economy grows at 3.5%
  3. Asda to cut thousands of jobs
  4. Spain's Sabadell sees another £78m charge for TSB IT failure
  5. RBS sets money aside for bad debts and PPI
  6. FTSE 100 closes 0.9% lower
  7. Rolls-Royce admits engine problems
  8. Microsoft regains second slot as most valuable company

Live Reporting

By Jill Treanor

All times stated are UK

  1. That's all folks...

    Join us for a bumper Business Live on Budget day, from 6:00am.

    Enjoy the weekend.

  2. Market closes down

    flag

    Wall Street has ended a volatile week with losses on the main indices,

    The Dow Jones 1.19% to close at 24,688 while the S&P was off 1.73% and the Nasdaq down 2.3%.

  3. Rating action..

    Fitch has affirmed the UK's credit rating at AA but said that a "no deal" Brexit would substantially disrupt the UK's customs, trade and economic activity.

    S&P has affirmed Italy's rating at BBB/A-2 but revised its outlook to negative from stable - which means it could be downgraded in the future.

  4. Down 300...

    It is not quite official.

    But it looks as if the Dow Jones Index is on track to close almost 300 points lower - or just over 1% - to 24,688.31.1.

  5. Tesla 'no subpoena'

    Tesla car

    Tesla has responded to a report by the Wall Street Journal that it was facing a deepening criminal probe about projections it made about its Model 3 production..

    "We have not received a subpoena, a request for testimony, or any other formal process, and there have been no additional document requests about this from the Department of Justice for months," the spokesperson said.

    View more on twitter
  6. IMF gives cash to Argentina

    Notes

    Argentina has agreed a loan package with the International Monetary Fund.

    The IMF has released a $5.7bn loan for the country, which has been struggling with a collapse in the Argentine peso.

    Argentina agreed to a loan from the IMF in June but had to renegotiate as the currency depreciated.

  7. Down, but not quite as much

    The Dow Jones index is down around 1% - 250 points - towards the end of what has a been a difficult week on Wall Street.

    The index was off more than 500 points earlier.

    The S&P index - which entered "correction territory" earlier after falling more than 10% from its September peak - is now off a more modest 37.21 points, or 1.38%.

    Still, all down...

  8. More on Regis

    Quote Message: “I am very pleased that the creditors have supported the CVA proposals. This positive endorsement protects the employment of 1400 employees and provides a solid platform for future trading.” from Eddie Williams of accountants Grant Thornton
    Eddie Williams of accountants Grant Thornton
  9. Three traders found not guilty

    Three former currency traders have been found not guilty of trying to rig foreign exchange (forex) rates in the banking industry.

    The three, who were based in London, were charged in January 2017.

    The three - Chris Ashton, Rohan Ramchandani and Richard Usher - were acquitted of all charges by a jury in Manhattan federal court.

  10. Microsoft back in second slot

    Microsoft flag

    Microsoft has regained its slot as the second most valuable company on the US stock market after Amazon's shares continued to slide after Thursday's trading update.

    Apple is still top - it has already achieved a $1tn valuation.

    Amazon's shares are down 7% while Microsoft's are off only 2%.

    This means that for the first time since April Microsoft is on track to close with a larger stock market value than Amazon.

    It could all change by the close!

  11. Lloyds equal pension ruling

    Law firm Gowling says the High Court's ruling on equalising Lloyds Bank's guaranteed minimum pension (GMP) to ensure men and women have the same benefits is well overdue, but more certainty is needed for others in the same boat.

    Quote Message: "The question of GMP equalisation has been hanging over pension schemes since 1990 as a “known unknown”. Having a High Court judgment on it does at least provide an answer, although the possibility of further litigation should not be ruled out.
    Quote Message: "The conclusion that there’s a duty to equalise GMPs and pay arrears does not come as a surprise, but the implications and potential costs are still very large. Employers and trustees will need legal and actuarial advice on what to do next, and the likely costs of each possible solution. Whatever the approach taken, GMP equalisation will now be at the top of the pensions agenda." from Chris Stiles, director of Gowling WLG
    Chris Stiles, director of Gowling WLG
  12. Market latest

    traders

    Global markets remained in sell-off mode on Friday, as investor worries sent shares in Asia, Europe and the US tumbling.

    The benchmark S&P 500 index in the US is down more than 1.5%, falling almost 10% from its peak set earlier in October.

    The Dow Jones is 1% down, while the Nasdaq was slumping 1.7%.

    Read more.

  13. Rolls: 'work very closely' with Airbus

    an engine

    More on Rolls-Royce.

    The company's statement to the stock exchange sets out that it is working with customers affected by the delays to its Trent 7000 engines.

    "We continue to work very closely with Airbus and our customers on the details of the delivery schedule. While the production ramp up issues in [the fourth quarter] are regrettable, such issues in the early stages of a new engine program are not uncommon in our industry.

    As we move into 2019 we are confident that Trent 7000 production and delivery volumes will increase significantly to meet our customer commitments".

  14. Snap shares slide

    Phone with snapchat

    Snap, the parent company of Snapchat, reported its results on Thursday evening.

    Today its shares are down 11.5% at $6.18 after it revealed the number of daily active users on Snapchat fell to 186m in the third quarter from 188m three months earlier.

    There is some concern that it will struggle to take business away from young users of Instagram.

    "We believe that Instagram is much more penetrated in these demographics, and it will be challenging for Snap to pull users away from Instagram," JP Morgan analysts said.