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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Archie Norman is new M&S chairman
  3. Brent crude slips below $48 a barrel
  4. Pearson and IAG shares jump
  5. Sterling up at $1.2933

Live Reporting

By Dearbail Jordan

All times stated are UK

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Thank you for joining us on Business Live.

Have a great weekend and we look forward to welcoming you back on Monday morning at 6.00am when we'll do it all again.

Will Whisky Galore remake boost tourism?

Eddie Izzard in film holding a cup and saucer looking into distance
Graeme Hunter Pictures

Tourism body VisitScotland is hoping to cash in on a remake of the film Whisky Galore which was released on Friday. It's created a map of the locations used in the film in an effort to attract more visitors.  

The film is adapted from a book by Compton MacKenzie - whose story was inspired by the sinking of the cargo ship SS Politician off the island of Eriskay in 1941.

The cargo included more than 250,000 bottles of whisky, hundreds of cases of which were hidden by islanders.

The remake, starring Eddie Izzard, was filmed in locations including St Monans in the East Neuk of Fife and the Aberdeenshire villages of Portsoy and Pennan. Read more here

Wall Street ahead at close

Wall Street sign
Getty Images

The Dow Jones Industrial Average recovered from its earlier losses to close at  21,006.94, that's a rise of 55 points or 0.26%. 

The biggest loser was IBM which dropped 2.52%, after the decion by billionaire investor Warren Buffett to sell a third of his stake in the IT business.

The S&P 500 was also up - it rose 10 points or 0.41% to 2,399.29. 

The tech-heavy Nasdaq finished at 6,100.76, that's up 25 points or 0.42%. 

Keeping it simple

Gary Cohn
Getty Images

Gary Cohn is asked how the Trump administration's tax plans would bring back jobs.

"We think it is simple," he tells Bloomberg. "15% business tax. So if you're a manufacturer or business today trying to decide where you're going to establish your business, where you're going to establish your factory, where you're going to move your next worker to, you look at the all-in cost; one of the major all-in costs is taxes.

"So by lowering our tax rate from 35% today to 15%, knowing where the world competitive rates are, OECD rates at 23% on average, we now go from a huge disadvantage to huge advantage."

Tax and regulation stifle US wage growth

Elaborating on driving wage inflation, Gary Cohn tells Bloomberg: "We need to bring back the manufacturing jobs that pay a lot. We need to bring back the service jobs that pay a lot. We need to really encourage those companies.

"The reason those companies are not here is really two-fold and we hear this all the time... regulation is stifling business investment and capital investment and taxes. We are not competitive on either front."

Safety agency proposes new rules on drones

BBC World Service

Drone in air in front of airport sign
PA

The European aviation safety agency, EASA, has set out proposals for new rules to cover the use of small unmanned aircraft, or drones, in response to fears over their safety, reports BBC World Service.. 

Demand for small drones, for both commercial and leisure use, has risen rapidly. This has led to worries about threats to public safety and privacy, and how drones can be kept away from sensitive sites such as airports and nuclear facilities. 

The agency's recommendations, which must be approved by the European Commission, include requirements for registering the drones, technology for preventing them straying into banned areas and advice for users.

Debenhams data breach hits 26,000

Debenhams
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Retailer Debenhams has said that up to 26,000 customers of its Flowers website have had their personal data compromised following a cyber-attack.

Payment details, names and addresses were potentially taken during the incident, which targeted Ecomnova, a third party e-commerce company.

Debenhams said it has contacted customers whose data was accessed.

Read more here.

Livestreaming life?

Cohn laments low paying US jobs

Gary Cohn
Getty Images

Donald Trump's chief economic adviser Gary Cohn said while there were positive aspects to Friday's jobs figures, he said "we're still not seeing wage inflation in the United States".

Mr Cohn told Bloomberg the administration wants to create "purchasing power" and for more Americans to have more disposable income.

While job numbers are growing, Mr Cohn says: "We're doing okay with jobs that don't pay that much."

No decision yet on oil deal extension

Oil rig
Getty Images

An agreement to extend a cut to oil production is not dead yet.

Adeeb Al-Aama, Saudi Arabia's Opec minister tells Reuters: "There's an emerging consensus among participating countries on the need to extend the production agreement reached last year.

"Based on today's data, there's a growing conviction that a six-month extension may be needed to rebalance the market, but the length of the extension is not firm yet."

Opec, Russia and other nations agreed last year to reduce output by 1.8m barrels a day from January for six months. However, oil prices have fallen in recent days.

Bring your dog to work day?

Yellen on women and the economy

Janet Yellen
Getty Images

Janet Yellen, chairwoman of the US Federal Reserve, is giving a speech on "125 Years of Women's Participation in the Economy" at Brown University.

She points out that the gender gap in wages still remains while women are still underrepresented in certain industries and occupations.

As the only woman to chair the most powerful central bank in the world, Ms Yellen knows what she is talking about and her speech is worth a read.

June becomes the month to watch

There doesn't seem to be much dissent from the view that the US Federal Reserve will raise interest rates in June, from the current range of 0.75%-1%.

Following strong jobs figures for April, Michael Feroli, an economist at JPMorgan in New York, says: "These developments should keep the Fed firmly on track to hike rates again in June and should motivate a hawkish shift in the interest rate forecasts they will release at that meeting."

IBM weighs on US stocks

US stock market traders
Getty Images

The Dow Jones Industrial Average is now down 16.61 points at 20,934.86.

IBM is weighing on in the index, down 2.8% at $154.59, following the decision by billionaire investor Warren Buffett to divest a third of his stake in the IT business.

The S&P 500 has maintained its gains - just - up 1.77 points at 2,391.29.

The Nasdaq is up 3.69 points at 6,079.03.

A glimpse of the future

Hitachi has developed a robot that can help people when they get lost at the airport

He seems to be a sweet little chap. Or is he, in fact, the precursor to some kind of Terminator-esque killing machine from the future?

BBC technology correspondent Rory Cellan-Jones investigates.

Lost at the airport? This robot can help

Oil prices crawl higher

Quincy Krosby, market strategist at Prudential Financial is convinced that Opec will keep oil production cuts in place for a further six months. 

But she says: "The question is, is that enough to keep oil prices at a level that is good for business and for producers?"

Brent crude has regained some ground and is now trading up 1.3% at $48.99 a barrel.

West Texas Intermediate is also ahead, up 1.4% at $46.17 a barrel.

Goldman Sachs: bad Brexit could hurt City

Listen to Goldman Sachs chief executive Lloyd Blankfein tell BBC economics editor Kamal Ahmed what risks the City of London is facing because of Brexit.

View more on twitter

UK stock markets end on a positive note

London Stock Exchange
Getty Images

The FTSE 100 finished Friday 49.33 points ahead at 7,297.43.

Education and publishing group Pearson led the risers, up 12.39% to 739.5p, after revealing plans to cut £300m worth of costs by 2020. 

BA-owner IAG also made gains, up 5.51% to 603.5p, after reporting record first quarter profits.

ITV was the day's biggest loser, down 2.61% at 201.8p, in the week that it announced that its chief executive Adam Crozier is stepping down.

The FTSE 250 finished 18.80 points higher at 19,699.61.

Cohn pledges to avoid healthcare mistakes

Gary Cohn (L) and Steven Mnuchin
Getty Images
Gary Cohn (L) and Steven Mnuchin

US President Donald Trump's chief economic adviser has promised not to make the same mistakes as the administration's first attempt to repeal the Affordable Care Act.

Gary Cohn told Fox Business News: "We're just starting down the path of taxes. And unlike healthcare, we are out talking to all the groups who are going to be interested in our tax plan."

He said he and Treasury Secretary Steven Mnuchin are holding "listening groups".

"By the time we get a bill drafted we're going to know everyone's issues and will have dealt with those issues. I think that's going to make it substantially easier to get that through Congress."

BreakingEx-John Lewis chief become mayor

Former John Lewis boss Andy Street has been elected as the new mayor for the West Midlands. 

The Conservative Party member left the retailer in 2016 after 31 years to pursue his political career.

London stock markets finish up

Stock market trader
Getty Images

The FTSE 100 has ended Friday up 42.40 points, or 0.58%, at 7,290.50.

The FTSE 250 is 2.73 ahead at 19,683.54.

The pound is trading up 0.29% against the dollar at $1.296.

We'll be back shortly with the final figures once the markets have settled. 

Gaming's new classics

Pearson to continue talks with investors

At Pearson's annual general meeting, a substantial number of investors voted against the re-appointment of Elizabeth Corley, chairman of the education group's remuneration committee. 

Following the vote, Pearson said: "Naturally, we acknowledge this feedback and thank those shareholders who have already spoken with us and explained their reasons for not supporting the relevant resolutions.

"The remuneration committee is committed to continuing dialogue with our shareholders to help shape the implementation of our remuneration policy going forward."

BreakingInvestors give Pearson a bloody nose on pay

John Fallon
Pearson
Pearson chief executive John Fallon

Nearly two thirds of Pearson's shareholders rejected the company's remuneration report for 2016.

In all, 66% of the shareholder vote rejected the remuneration report in a non-binding poll. Pearson's chief executive John Fallon was handed a 20% pay rise last year despite the company reporting a £2.6bn loss.

But, in a binding vote, 31.5% rejected Pearson's pay policy.

Drivers are confused, says Jaguar Land Rover

Following the publication of the government's draft plan to cut air pollution, which includes a possible scrappage scheme, Jaguar Land Rover UK managing director Jeremy Hicks says:

Recent publicity around the diesel debate has caused significant confusion for customers; we are seeing more and more people ask us whether they should be buying a petrol or a diesel."

Paper art for paper money

Kevin Peachey

Personal finance reporter

Travelling print artist Aidan Saunders
Affordable Art Fair Hampstead

Old paper fivers cease to be legal tender from Saturday, meaning that shops can reject them.

Most people will have to take them to their bank instead.

So the Affordable Art Fair in Hampstead next week has come up with a ruse.

Bring in your paper fiver, featuring Elizabeth Fry, and travelling print artist Aidan Saunders will sell you one of his artworks in return.

Oil struggles to regain losses

Oil prices remained in the doldrums on Friday despite assurances from Opec leader Saudi Arabia over output cuts.

Brent is trading at $48.79 a barrel, up 0.41% but below the psychologically important $50 mark. West Texas Intermediate is now $45.87 a barrel.

Late on Thursday, Saudi Arabia's Opec governor Adeeb Al-Aama told Reuters that the oil cartel and non-OPEC nations were close to agreeing a deal on supply cuts.

"Based on today's data, there's a growing conviction that a six-month extension may be needed to rebalance the market, but the length of the extension is not firm yet."  

Yahoo boss payout is 'egregious'

Marissa Mayer
Getty Images
Yahoo chief executive Marissa Mayer

A former president of Yahoo has criticised a reported $186m payout chief executive Marissa Mayer is set to receive following the internet search company's $4.4bn merger with Verizon.

Sue Decker, who was previously chief financial officer at Yahoo and serves on the board of Berkshire Hathaway among others, told CNBC: "Given what happened in the performance of the company, it seems on the egregious side."

Yahoo last year disclosed a major hacking attack which may have affected one billion users.

June US rate rise - a dead cert?

CMC chief market analyst Michael Hewson tweets:

View more on twitter

Big blue tumbles into the deep

IBM logo
Getty Images

As widely expected, IBM shares fell on Friday after billionaire investor Warren Buffett sold off a third of his stake in the IT services business.

Shares fell 2.70% to $154.75. 

Mr Buffett told CNBC: "I don't value IBM the same way that I did six years ago when I started buying ... I've revalued it somewhat downward."

Starbucks sued over unicorn coffee

Starbucks Unicorn Frappuccino
Starbucks
Does this drink taste like 'sour birthday cake and shame'?

Aren't unicorns supposed to be made of sunshine and smiles?

It seems not.

A New York coffee house called The End Brooklyn and its owner Montauk Juice Factory say they created the Unicorn Latte and have now filed a federal trademark infringement lawsuit against Starbucks over its Unicorn Frappuccino.

The Washington Post reckons that the Unicorn Frappuccino tastes like "sour birthday cake and shame", so it sounds like there really isn't that much to fight about.

BreakingMixed opening for US stocks

The Dow Jones Industrial Average has opened 7.17 points down at 20,944.30.

The S&P 500 is up 5.06 points at 2,394.58.

The Nasdaq is also trading ahead, up 17.19 points at 6,092.53.

SMMT: scrappage scheme must be targeted

Diesel fuel pump
Getty Images

The Society of Motor Manufacturers & Traders has responded to a possible diesel vehicle scrappage scheme

Chief executive Mike Hawes says: "As outlined in the plan, any proposed scrappage scheme would need to be targeted and deliver clear environmental benefits. We're encouraged that plans to improve traffic flow and congestion, as well as increase uptake of electric and hybrid vehicles, will be prioritised in towns and cities."

Non-farm payroll figures are 'just right'

Goldilocks
BBC

The new US jobs figures are "Goldilocks numbers" according to  ETX Capital senior market analyst Neil Wilson.

He says: "Not too hot and not too cold. As we needed it, today’s nonfarm payrolls are just right to nail on a June rate hike but not enough to make us think the Fed will turn more hawkish."

Mr Wilson adds: "Judging by these numbers the US labour market remains in rude health and should offer the Fed all the ammunition it needs to raise rates again in June. After some doubts were cast over the pace tightening by the first quarter GDP miss, the Fed looks justified in thinking this would be transitory."

US jobless rate falls to nine-year low

More on the US non-farm payroll numbers.

The jobless rate shrank from 4.5% to 4.4% - the lowest since May 2007.

US rate hike 'likely in June'

The US jobs numbers for April were a "strong bounce-back" after the "disappointing figures" the month before, says Kully Samra, UK managing director at Charles Schwab.

"With the Fed hitting the pause button in May, the recovery in today’s employment data gives weight to the prospect of a further rate hike in June and the possibility of two or three more this year," he says.

BreakingUS adds 211,000 jobs in April

The US created 211,000 jobs in April, a jump from March's 98,000 figure, the Department of Labor says.

RAC: Diesel drivers 'face mosaic of confusion'

London air
Getty Images

The government has published a draft air pollution plan which proposes a scrappage scheme for diesel cars in areas with high levels of dirty air.

The RAC says: "The risk for the nearly 12 million owners of diesel cars is a mosaic of confusion with different rules applying in different places. Anyone holding out for a scrappage scheme looks set for a long wait. Meantime we need a redoubling of effort to increase the take up of ultra-green cars, sales of which are currently underwhelming."

Crossed signals for Inmarsat

Solar panels
Reuters

Over on the FTSE 250, poor old Inmarsat is carrying the wooden spoon, down almost 7%, after Barclays cut the stock from equal weight to underweight and Berenberg changed its rating from Hold to Sell.

Berenberg says easy contract wins are now in the past, meaning slower, less profitable growth is in store.

Today's fall - the sharpest on the mid-cap market - brings the losses for Inmarsat shares over the past 12 months to 11% - not disastrous admittedly. 

FTSE flat

BA plane
Getty Images

The London market is becalmed at 7,248 points despite that big rise for Pearson, as well as jumps of about 5% for British Airways owner IAG and Marks & Spencer.

Barclays is the biggest loser, down almost 2%, with InterContinental Hotels and WPP not too far behind.