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  1. David Cameron accused of shares 'hypocrisy'
  2. Bonmarche shares fall 10% on gloomy outlook
  3. Deal for Scunthorpe steel plant could come by Monday
  4. Shares in Uniqlo owner Fast Retailing slump on profit warning

Live Reporting

By Tom Espiner

All times stated are UK

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Good night

That's all for tonight from the Business Live page. Join us again from 06:00 on Monday for more business news.

US markets end week higher

The Dow Jones Industrial Average was up 35 points at 17,576. The Standard & Poor's 500 index was 4 points higher at 2,046. The Nasdaq rose 2 points to 4,850. 

S&P and Dow gain on surge in oil prices

A sharp rally in crude oil drove gains on the S&P 500 and the Dow near the close, but a fall in healthcare and technology stocks pushed the Nasdaq into negative territory.

Oil prices jumped more than 6% after data showed drawdowns in U.S. stockpiles, suggesting underlying strength in the economy as demand for energy picks up.

TransCanada says Keystone pipeline leak occurred in South Dakota

TransCanada said it ha found the leak on its 590,000 barrel per day Keystone crude pipeline. It is near its Freeman pumping station in Hutchinson County, South Dakota.

"Crews safely excavated soil to expose more than 275 feet of pipe in order to find the leak," the company said.

TransCanada said it was looking at an appropriate repair method with the Pipeline and Hazardous Materials Administration and would work with the agency on returning the pipeline, which was shut over the weekend after the leak, to service.

Iceland government beats no-confidence vote

Snow covered mountains just outside of Reykjavik
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Iceland's parliament has rejected an opposition motion of no-confidence in the coalition government, which is struggling to shake off revelations from the leaked Panama Papers which have already led to the Prime Minister stepping  down. The motion was rejected by 38 votes to 25.

Panama and France finance ministers to meet to discuss cooperation

Panama's President Juan Carlos Varela has spoken to French counterpart Francois Hollande following a diplomatic standoff over a mass data leak.

They have agreed their finance ministers should meet to discuss cooperation.

Panama's government said in a statement the pair had proposed the meeting take place in Paris.

Panama warned earlier this week it could retaliate after France announced it would put the Central American nation back on its blacklist of uncooperative tax jurisdictions, following a major leak of documents from a Panamanian law firm. 

Surf Economy: 'Surfers likely to be in professional jobs'

Goldman Sachs pays chief executive Blankfein $22.6m in 2015

Goldman Sachs Group paid chief executive Lloyd Blankfein $22.6m in 2015, according to a regulatory filing.

Believe it or not, that is a decline in pay - his first in four years.

Mr Blankfein received $24m for 2014.

Now whatever will he do without that extra $2m?

In 2014, US median household income was $51,939.

Hollande urges Panama to respond to tax enquiries

French President Francois Hollande
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French President Francois Hollande has urged Panama's President Juan Carlos Varela to help French tax authorities following the Panama Papers leaks.

"The President strongly encouraged Panama to respond to the demands for information from the French tax authorities," Mr Hollande's office said.

US to appeal New York iPhone data case

iPhone 5S
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The US Justice Department has said it will move ahead with an appeal of a court ruling blocking the government from forcing Apple to help unlock an iPhone in a drug case in New York.

In a letter filed in federal court in Brooklyn, New York, the Justice Department said "the government continues to require Apple's assistance in accessing the data that it is authorised to search by warrant."

The type of phone at issue in the Brooklyn case is an iPhone 5s. Yesterday FBI director James Comey said the agency's method for unlocking an iPhone 5c used by one of the San Bernardino killers will not work on other models.

An Apple lawyer said the firm was disappointed, but not surprised. 

Tata Steel 'very daunting' as a business prospect

BBC News Channel

Jon Moulton

Tata Steel as a business prospect is "very daunting indeed" says venture capitalist Jon Moulton.

The thing is losing money at a rate variously stated to be £1m or £2m a day, it's got something like a £2bn or £3bn pension hole if it's closed down, it's got something perhaps as much as £1bn to actually tidy up the site, clean up the soil if it's closed down. Nobody seems to believe that the existing blast furnace business is viable, and that the only real way ahead is to move it to electric arc furnaces and process scrap steel, which again needs something like a couple of billion pounds to do it. These are big numbers."

Global tax officials call Panama Papers meeting

Global tax officials will convene a special meeting next week "to explore possibilities of co-operation and information-sharing, identify tax compliance risks and agree collaborative  action, in light of the Panama Papers revelations".

The meeting will be held in Paris on Wednesday 13 April, OECD said.

Marriott and Starwood deal approved by shareholders

A Marriott hotel in midtown Manhattan
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Starwood Hotels and Marriott International shareholders have approved Marriott's acquisition of Starwood to create the world's largest hotel company.

Holders of more than 97% of Marriott shares and over 95% of Starwood shares voted in favor of the cash-and-stock deal, which was valued at $12.41bn .

Last week China's Anbang Insurance Group walked away from its $14bn offer for Starwood Hotels, clearing the way for Marriott to buy the owner of Sheraton and Westin hotel brands.

Caffe Nero staff lose free lunch after National Living Wage introduced

Woman drinking out of a Caffe Nero cup

Caffe Nero will no longer give its staff a free lunch when they are on shift, as part of a "pay review" introduced in response to the new National Living Wage.

Employees were informed by letter that the perk would end on 11 April.

The food allowance meant staff were entitled to get a panini.

A Caffe Nero spokesperson told Newsbeat that a "big majority" of staff got a rise along with a "substantial discount" on food bought on shift.

Read more here.

Oil prices jump 6% as US stockpiles fall

A motorist fills his car
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Oil prices have jumped 6%, and are heading for the largest weekly gain in a month.

US crude stockpiles fell by nearly 5 million barrels last week, according to government data, whereas analysts had forecast stockpiles to increase by 3.2 million barrels.

The shutdown of the Keystone crude pipeline that delivers oil to Cushing in Oklahoma also contributed to a drop of more than 480,000 barrels. 

Jaguar Land Rover in talks to lease Silverstone

Hector Barbera of Spain and Avintia Racing leads the field during the MotoGP race during the MotoGp Of Great Britain
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The British Racing Drivers' Club, which owns Grand Prix track Silverstone, is in talks to lease property to Jaguar Land Rover, which is owned by India's Tata Motors.

The club, which owns the track and surrounding land, voted to continue discussions with JLR, the body said in a statement.

"The potential deal ... would align Silverstone with two premier British brands and put the British Racing Drivers' Club on a stronger financial footing," a spokeswoman said.

FTSE 100 records weekly gain helped by oil price rise

The FTSE 100 share index has finished up on the week, helped by a jump in crude oil prices.

The share index gained 1.08%, or 66.08 points, to stand at 6,202.97.

Brent crude soared almost 6% to $41.77 per barrel. US crude jumped 6.4% to $39.65 per barrel.

New PRA chief announced

The facade of the headquarters of the Bank of England
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Sam Woods is to become the new chief executive of the Prudential Regulation Authority - the Bank of England subsidiary that regulates banks.

He will succeed current boss Andrew Bailey on 1 July 2016 - he is moving to become chief executive of the Financial Conduct Authority (FCA).

Chancellor George Osborne said:

Sam has been one of the architects of the government’s crucial reforms to financial regulation – playing a key role in the work of the Independent Commission on Banking. I believe Sam is the best person to ensure that these vital reforms he helped design will be a success and to deliver a strong, secure and globally competitive regime for all financial services."

Isle of Man to share offshore beneficial ownership details with UK

The Isle of Man is finalising an arrangement to provide Isle of Man and UK law enforcement agencies with "adequate, accurate and current beneficial ownership information on all corporate and legal entities incorporated in their jurisdictions," the Manx government has said.

It will set up a database of "beneficial ownership information", it added.

Isle of Man Chief Minister Allan Bell said: "This has been achieved through ongoing constructive discussion and is an important demonstration of our long-standing partnership to tackle corruption, tax evasion and other serious criminality."

The Isle of Man has relatively low taxes and this has encouraged an offshore financial sector that accounts for most of its GDP.

Over many years the Manx government has made a concerted effort to cast off the island's reputation as a tax haven, signing tax information exchange deals with over a dozen countries.

Its strategy was rewarded in April 2009 when it was included in an OECD "white list" of jurisdictions meeting international standards on taxation.

UK economic growth in first quarter 'likely to be weakest since end of 2012' says Niesr

The UK's economy probably grew at its weakest pace since late 2012 during the first three months of this year, the National Institute of Economic and Social Research (NIesr) has said.

It estimated that the UK's economy grew at a quarterly rate of 0.3% in the first quarter, which would be the weakest rate of expansion since the it last contracted in the last quarter of 2012.

Twitter appoints Martha Lane Fox and Hugh Johnston to its board

Baroness Martha Lane-Fox addresses an audience
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Twitter has appointed Martha Lane Fox and Hugh Johnston and to its board with immediate effect.

Baroness Fox is the founder of, an organisation advancing the understanding and use of Internet enabled technologies.

Mr Johnston has been the chief financial officer at PepsiCo since March 2010.

Peter Currie and Peter Chernin, whose terms are set to expire at the 2016 annual meeting of stockholders, were not considered for re-election at their request, Twitter said.

BP shareholder Royal London to oppose chief executive's pay deal

A picture shows the logo of British energy giant BP
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BP shareholder Royal London Asset Management has said it will vote against the proposed $19.6m 2015 pay package for BP chief executive Bob Dudley at next week's annual general meeting

"This proposed increase is both unreasonable and insensitive ... We will be voting against this proposal," Royal London corporate governance manager Ashley Hamilton Claxton said.

The firm holds 0.7% of BP shares worth more than £400m.

Its statement echoes discontent over Mr Dudley's pay package from shareholder advisor Glass Lewis earlier this week.

BP made its worst ever annual loss in 2015 as it grappled with a slump in oil prices.

Shareholders will cast their votes on executive pay packages at the meeting in London on 14 April. 

Wall Street opens higher as oil surges

Wall Street was set to open higher on Friday, helped by a surge in crude oil prices.

Crude rose more than 4% after fresh hopes of producers agreeing to freeze output, and economic indicators in the United States and Europe lifting sentiment for higher demand.

The Dow Jones Industrial Average was up 98.89 points, or 0.56%, at 17,640.85, the S&P 500 gained 13.60 points, or 0.67%, rising to 2,055.58 and the Nasdaq Composite rose 0.55%, or 26.20 points to 4,874.54.

Martha Lane Fox becomes a Twitter director

The Bahamas

Kevin Peachey

Personal finance reporter

The debate over David Cameron's interest in an offshore fund set up by his late father has shed a light on these operations - and how common they are.

Read more

If McDonald's advertised like Apple

That'll do Buzzfeed, that'll do. Happy Friday everyone.

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Thailand probes Panana papers

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Thailand is investigating 16 people, including current and former politicians and well-known business people, whose names appeared in the Panama papers, the country's Anti Money Laundering Office (AMLO) said on Friday. 

The individuals are among hundreds of politicians and business figures worldwide who feature in the massive document leak from Panamanian law firm Mossack Fonseca. 

The investigation is at an early stage and Thai authorities have so far found no evidence of wrongdoing, the AMLO's acting boss said. 

Tax specialist defends Cameron in offshore fund row

If Cameron has done something wrong then so have millions of people, says tax specialist.
After days of pressure, David Cameron has said he and his wife Samantha owned shares in an offshore fund set up by his late father, before selling them for £30,000 in 2010.

"There are millions of people in the UK who have invested in similar funds," said James Quarmby, a specialist in tax planning and wealth structuring at Stephenson Harwood.

Mr Quarby also challenged the use of the word trust, rather than fund:

"Can you do me a big favour and not ever use the term offshore trust again in relation to this investment," he said to John Humphrys. 

(Image: David Cameron. Credit: Reuters)

How to get that job

Victoria Derbyshire

Whether young people would be better off training for a job than staying in the education system for A levels and university was one of the topics discussed today on the Victoria Derbyshire programme.

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An addled afternoon

A final word on that Nigel Farage lunch from the FT's Henry Mance:

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Nigel Farage
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Financial Times hack Henry Mance had lunch with Richard Desmond last year. The Daily Express owner raked up a record tab (£758.81) after ordering a fabulously expensive bottle of wine (Château Palmer 1983 - £580 if you must know) at City haunt Coq d'Argent.

Since moving from the media beat to the lobby, Mance has now had lunch with Ukip leader Nigel Farage. While the bill was somewhat lower, he did put away a lot more booze. 

Just how much, we hear you ask? Between them the pair managed six pints of ale (£4 a pop), a bottle of Château de Lugagnac 2012 (£36) and two large glasses of port for £17. Just an average day for Mr Farage, no doubt. 

He is pictured enjoying a pint back in 2014 in London.

FTSE still higher

M&S logo
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The FTSE 100 has managed to hold on to its gains as we move into the final four hours of trading for the week, with a 0.7% rise - 44 points if you prefer - to 6,181 points. 

Marks & Spencer is the top riser at lunchtime, up 2.2% following yesterday's bounce, while credit checker Experian is the biggest faller, off 1.9%.

Challenges for Scunthorpe

Scunthorpe steel plant
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Sebastien Marlier, commodities editor at the Economist Intelligence Unit, comments on the potential sale of Tata's Scunthorpe steel plant. 

"The Scunthorpe deal has been months in the making, with Greybull officially stating their interest in the plants last December, well before the latest crisis broke out. Many challenges remain. Scunthorpe was reportedly making a loss in 2015, and would require significant investment," he says.

"In the current market conditions, it will be difficult for Greybull make the business profitable in two years, especially without further government concessions on issues like energy costs."

Deflation returns to Greece

IHS economist Howard Archer tweets:

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Qatar Islamic Bank fined

The Bank of England has fined QIB (UK) plc, a subsidiary of Qatar Islamic Bank, £1.38m for failings in reporting its financial resources to the regulator in 2011 and 2012.

"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Bailey, Prudential Regulatory Authority chief executive. 

Machin quits Target Australia


Stuart Machin, a former executive at Asda, Tesco and Sainsbury's, resigned as boss of Australia's Target department store chain on Friday amid an investigation into whether the retailer inflated profits. 

He denied involvement in the scheme to boost Target's first-half profit by seeking extra rebates from some 30 suppliers in return for promises of price rises in the second half.

In a statement released by Target owner Wesfarmers, Mr Machin said: "I was not aware of these, but they happened on my watch and as managing director I accept my share of the responsibility. The right thing is now for me to move on." 

Wesfarmers bought the UK DIY chain Homebase from Home Retail Group earlier this year and also owns supermarket chain Coles and Bunnings. Mr Machin joined Coles in 2008 before moving over to Target in 2013.

Target in Australia is not related to the US company of the same name. 

Same old story?

RBS Economics tweets:

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BreakingSales slowdown hits Uniqo owner

Uniqlo store
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Shares in Uniqlo owner Fast Retailing fell almost 13% in Tokyo on Friday after it posted a 55% slide in half-year profit to 47bn yen ($440m, £312m) and warned its annual results would sink by 45% to 60bn yen. 

The fashion retailer blamed weaker sales in China, South Korea and the United States, as well as its home market of Japan.  

Panama fallout

Business presenter Victoria Fritz tweets:

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There's gold in them thar revisions...

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So why the massive revision to January's trade deficit figure? The Office for National Statistics says there was a £2.2bn revision to imports of non-European Union goods into the UK in the month and more specifically "non-monetary gold".

"Due to the timing of gold survey data, the non-monetary gold estimate for the current month is forecast and later revised when more accurate data become available. 

"The non-monetary gold import value for January 2016, which replaces the forecast was the highest since December 2014, causing this large revision."

Why the sudden and rather massive uptick in gold imports, you may ask? Brexit? Global financial meltdown - or all-out Armageddon?