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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. US shares tumble 1% over US-China trade concerns
  3. Uber shares trade lower on their first day
  4. US raises tariffs on Chinese goods
  5. UK economy grows 0.5% in first quarter
  6. Hamleys sold to Reliance Industries
  7. Hipgnosis Songs buys Eurythmics catalogue

Live Reporting

By Lucy Hooker

All times stated are UK

  1. Good night

    That's all from the Business Live team for this week.

    Please join us again at 0600 GMT on Monday.

    Have a great weekend.

  2. What Zuckerberg told Macron

    Mark Zuckerberg in Paris

    Mark Zuckerberg visiting Paris and has said France's efforts to regulate hate speech online could provide a model for the European Union as a whole.

    "We need new rules for the internet that will spell out the responsibilities of companies and those of governments," he told France 2 television in an interview. "We need a public process."

    President Macron is keen for France to take a leading role in tech regulation and today published an interim report that recommended French authorities be given greater access to Facebook's algorithms and greater scope to audit the company's internal policies against hate speech.

  3. Wall Street closes higher

    After a rollercoaster day for shares, but a particularly rocky ride for Uber on its first day of trading, the US's main indexes closed slightly higher.

    The Dow Jones index had been a full 358 pints lower around lunchtime as prospects for trade negotiations looked dim.

    However President Trump described the negotiations as "candid and constructive" boosting stocks towards the end of the day.

    The Dow Jones Industrial Average rose 116.45 points, or 0.45%, to 25,944.81, the S&P 500 gained 10.86 points, or 0.38%, to 2,881.58 and the Nasdaq Composite added 6.35 points, or 0.08%, to 7,916.94.

  4. Fish fraud lands culprit with jail sentence

    Anthony Smith

    A businessman has been jailed after defrauding the EU and Welsh government of £4.7m by claiming grants he said were for developing a fish feed alternative.

    Anthony Smith, 72, failed to create the 120 jobs he'd promised.

    Read the full story here.

  5. Moms and dads can both take time off, if they work for this congresswoman

    Alexandra Ocasio-Cortez

    New York congresswoman Alexandria Ocasio-Cortez is setting new standards with the working conditions she is offering her staff, male and female.

    The point is "if you give dads less paid parental leave than moms, you're contributing to the pay gap" she says.

    View more on twitter
  6. 'The stakes just got higher'

    Dara Khosrowshahi

    Uber chief executive Dara Khosrowshahi wrote Uber employees an impassioned letter on the eve of the ride-sharing firm's debut on the New York stock exchange. Here's the last part of what he wrote:

    "Remember: while the public markets will keep their version of the “score” and the value of what we build, our true north will be determined over the long term. We will go through periods when we will be misunderstood, as well as periods when we will be hailed as heroes. It’s during those days, regardless of the ups and downs, that we should focus on our work: on creating opportunity, on moving the world, and relentlessly innovating and executing.The stakes just got higher. Our world just got a bit bigger. Our stakeholders just expanded. I’ve never been more confident in this team’s ability to shape the future, and I can’t wait to see what you build next."Bloomberg has the letter in full.

  7. LCF victims could get compensation

    London Capital and Finance promotional material

    Thousands of people who invested in London Capital & Finance could get compensation after all.

    The Financial Services Compensation Scheme is asking LCF customers to register for updates on its website while it explores whether there are grounds for compensation for some investors who lost out when the firm went into administration.

    It says the core of LCF's activity - issuing unregulated mini-bonds in the UK - was not protected by FSCS but they are now focusing on "whether there was any regulated advising, arranging or other activities which may trigger our compensation".

    However the FSCS warned it was "a highly intricate case" and their investigation was likely to take some time.

    Administrators said in March investors could get as little as 20% of their money back.

    You can read more about LCF's collapse here.

  8. Growth could 'fade away'

    Graph showing UK growth

    On Friday the UK reported a pick up in growth.

    Alpesh Paleja, principal economist,at employers' body the CBI, has poured cold water on the figures, suggesting the trend may not last.

    “While it might seem encouraging to see economic growth pick up at the start of the year, this was at least in part due to stockpiling ahead of the recent Brexit deadlines, which is likely to fade away," he said.

    “Business surveys were already painting a more subdued picture of growth over the first quarter and have made a weak start to the Spring.

    “Looking ahead, the threat of no deal remains just as stark as it was in March, and the extension of the deadline to October does little to lessen the uncertainty that has been impacting economic activity. It will be crucial for Parliament to finally agree a Brexit deal, in order to give businesses the confidence they need to invest and spend, rather than simply stockpile, in the UK.”

  9. US shares recover

    The Dow Jones index is back almost at its opening value

    Dow Jones intraday trading graph

    Around two hours until the market closes for the day, and indeed the week and shares have made up much of the ground lost earlier.

    Alarmed by the prospect of an extended trade war with China shares dropped sharply in the morning.

    But negotiators have called the talks "constructive" offering a glimmer of hope.

  10. Trade talks to move to Beijing

    US China trade negotiations are over for now. But the editor-in-chief of China's Global Times newspaper has tweeted that all is not lost.

    View more on twitter
  11. Papering over differences

    Chinese and US trade negotiators meeting in Washington

    Derek Scissors, a China expert at the American Enterprise Institute, has said the US and China were clashing over just how much of any final trade agreement should be enshrined in a public document.

    Beijing is resisting too much being put down in black and white he says.

    "What the Chinese step-back primarily says is they don't want to publicly acknowledge that their existing laws, especially on IP, are flawed," he told AFP.

  12. Wall Street losers

    New York traders

    Apart from Uber's disappointing roll out, who else is having a bad day?

    Boeing, the single largest US exporter to China, and Caterpillar are both more than 1% lower, with no resolution to the trade tensions.

    The banking sector has fallen too after suggestions interest rates may need to be cut if the trade war drags on.

    Technology stocks are nearly 1% lower. In part that's down to Symantec. The antivirus software maker saw its shares tumble 13.8% after issuing a profit warning and unexpectedly announcing that its chief executive officer would step down.

    Chipmakers, which also make money from China, are suffering too.

  13. Uber 'should have checked its speed'

    Uber car

    Uber's shared started trading on Friday three dollars below the IPO price.

    Jordan Hiscott, Chief Trader at Ayondo markets says: "This clearly shows the high risk nature of short-term investing in an IPO".

    The days you could be sure of making a fast buck that way are "long gone" he says.

    Plus this IPO "felt a bit rushed", amid market conditions that aren't ideal, he says.

    “Perhaps there was a reasoning that given the potential headwinds later in the year, now was as good of a time as any.”

  14. Rihanna launches fashion label

    Rihanna

    Singer Rihanna, known for her eyecatching outfits, will launch a fashion label with French luxury goods group LVMH this spring using her surname Fenty.

    She'll be the first woman of colour to lead a house for LVMH.

    She already does Fenty lingerie. But will the new range include umbrellas?

    Read the BBC's report here.

  15. Art of the deal?

    Chinese Vice Premier Liu He (L) shakes hands with US Trade Representative Robert Lighthizer (C) alongside US Treasury Secretary Steven Mnuchin
    Image caption: China's Vice Premier Liu He shakes hands with Robert Lighthizer, the US trade representative as they square off over tariffs

    It's not clear when talks between China and the US over the tariff war will resume.

    Trump said on Friday morning there was "no rush" to reach a deal. Yet some observers have expressed cautious optimism.

    "They haven't walked away from the table," says Randy Frederick at Charles Schwab in Austin, Texas. Though if the tariffs stay in place for long, the market mood would darken he warns.

    But Marios Hadjikyriacos at online broker XM told Reuters he doesn't think a deal can be sealed in a couple of weeks. Hopes that there won't be a further escalation he thinks is "wishful thinking".

    "It's all about leverage and who outmaneuvers whom," said Andre Bakhos, at New Vines Capital LLC.

    "In the end Trump will get a deal done, but in the interim we have to put up with his way of doing it. We are going to have a lot of volatility, until we have clarity."

  16. New chair for LME

    gay huey evans

    Gay Huey Evans is the new chair of the London Metal Exchange.

    She has spent over 30 years working in the financial services industry, spent seven years with the Financial Services Authority from 1998 to 2005 and is currently a non-executive at Standard Chartered.

    She is the first woman to chair the metal exchange in its 142 year history.

  17. Trade talks over 'for today'

    Treasury secretary Steven Mnuchin has said trade talks with Chinese negotiators have ended for the day.

    He described the talks as "constructive" but there's no sign of a deal being done for now and it remains unclear whether that is an end to this round of negotiations or whether they could continue.

  18. London shares close lower

    The FTSE100 index was down 4.12 at 7203.29 on Friday.

    However, the broader FTSE 250 index closed up 81.22 at 19366.80.

  19. Uber shares driven sharply lower

    UBER LOGO

    It's confirmed, Uber has opened 6.7% lower in its first trade

    Shares debuted at $42 and are now just a fraction higher.

    Its initial public offering on Thursday was priced at $45, at the lower end of its $44 to $50 per share target range.