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  1. FTSE 100 closes 0.28% lower
  2. GKN reveals £40m of unexpected legal claims as warns on profit
  3. Wall Street stocks boosted by strong retail sales.
  4. Chemicals giant Bayer sells off unit as tries to secure Monsanto deal
  5. Virtual currency Bitcoin hits new high in Asian trading
  6. Stock exchange consultation on changing listing rules closes today
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Live Reporting

By Karen Hoggan

All times stated are UK

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Good Night

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That's it for another week on Business Live.

We hope you've enjoyed our coverage over the past five days.

We'll be back bright and early at 06:00 on Monday morning.

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

Saturday's FT leads on Aramco

Before we go - a quick look at the front page of tomorrow's Financial Times.

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Wall Street boosted by economic data

Wall Street bull
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All three key US stock indexes rose on Friday helped by strong retail sales figures and signs that consumer sentiment is riding high.

Inflation figures from the Labor Department also showed consumer prices rose 0.5% in September, while the year-on-year rate rose to 2.2%.

The Dow Jones ended the day at 22,871.72, that's 31 points or 0.13% higher.

The S&P 500 ended up 2 points of 0.09% at 2,553.17.

And the tech-heavy Nasdaq closed at 6,605.80, a rise of 14 points or 0.22%.

Netflix shares closed 1.85% higher - having hit a record high earlier in the day of $200.82 - after Goldman Sachs and others increased their price targets for the stock - ahead of its earnings report on Monday.

Wells Fargo bank ended 2.75% lower after revenues for the fourth quarter came in below expectations for the fourth quarter in a row due to a decline in mortgage banking revenue.

Jamie Magazine to close

Jamie Oliver

Jamie Oliver is to close his food magazine - the unambiguously-titled Jamie Magazine - at the end of the year as consumers turn increasingly to online recipes.

A spokeswoman for Jamie Oliver Group said: "We've conducted extensive research into our audience needs and while Jamie's books are more popular than ever - 5 Ingredients Quick & Easy Food is the fastest-selling Jamie book - our audience is increasingly also looking to digital platforms to find content."

'Shape of Your' goes five times platinum

Ed Sherran
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Ed Sheeran's Shape Of You single has gone five times platinum.

When streams and downloads are added together, it works out as three million sales, according to the BPI which represents the UK music industry.

Only Band Aid's Do They Know It's Christmas? and Elton John's Candle In The Wind '97 have sold more copies in the UK.

Shape Of You is also the biggest selling single of 2017 so far, according to Official Charts data.

The BPI made the announcement on Twitter. Read more form Newsbeat here

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Former Fifa boss denies allegations

BBC World Service

Jerome Valcke
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The former world football executive Jerome Valcke has denied allegations that the chief executive of the BeIN media group Nasser al-Khelaifi bribed him by letting him use a villa on the Italian island of Sardinia, reports BBC World Service.

Mr Valcke's lawyer said he had paid rent for the villa and had a lease. Police have raided and impounded the villa in Porto Cervo.

Swiss prosecutors say Mr Khelaifi let Mr Valcke use it in exchange for a discount on Middle East television rights for up to the next four World Cups.

Mr Khelaifi, the Qatari chairman of Paris Saint Germain, has denied all the allegations.

Prosecutors revealed on Thursday that in March they'd opened a second investigation into Mr Valcke. He was sacked as Secretary-General of world football's governing body FIFA in September 2015.

Would you move home on Friday 13th?

Fountain pen with 13 Friday diary entry
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How suspicious are you? Would you move home on Friday 13th?

If not, you're not alone, it seems.

Many people simply don't like moving house on on that day, figures from the Registers of Scotland suggest.

Analysis of records dating back to 2003 showed that less than half the number of properties expected actually changed hands on that date.

According to data from the previous Friday 13th, which occurred in January, 524 residential properties changed hands in Scotland.

However, on the equivalent Friday in 2016 - which fell on the 15th of the month - 1,321 residential properties were exchanged. Read more here

EU says Trump has 'no right' to terminate deal

BBC World Service

Federica Mogherini
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The European Union's foreign policy chief Federica Mogherini says President Trump has no right to terminate the nuclear deal with Iran, reports BBC World Service.

She said it was not in the hands of any president in the world to terminate an agreement adopted unanimously by the UN Security Council, one that had been implemented and was working.

She said the deal was even more important to preserve at a time of acute nuclear threat.

She added that the international nuclear agency the IAEA had certified eight times through strict procedures that Iran was keeping its side of the bargain, to make sure its nuclear programme was exclusively for civilian use.

Trump blow for Iran nuclear deal

President Trump

US President Donald Trump has condemned Iran as a "fanatical regime" and refused to continue certifying an international nuclear deal.

He said Iran had carried out multiple violations of the 2015 deal and said he would work with Congress and US allies to repair its many flaws.

But he said that if this didn't happen he would use his powers to terminate US participation in the deal.

Mr Trump promised to ensure Iran never acquired a nuclear weapon and described nuclear agreement with Tehran as one of the worst the US had ever signed.

The 2015 nuclear deal struck between Iran and five world powers - the US, UK, Russia, France, China, and Germany - was the signature foreign policy achievement of Barack Obama's presidency.

The initial framework lifted crippling economic sanctions on Iran in return for limitations to the country's controversial nuclear energy programme, which international powers feared Iran would use to create a nuclear weapon.

Asterix cover sells for £1.2m

Another auction success story now - and an original illustration for the cover of an early Asterix comic book has sold in Paris for a record 1.4m euros (£1.2m).

The drawing for "Asterix and the Banquet" - called "Le Tour de Gaul" in French- was signed by series creators, Albert Uderzo and Rene Goscinny.

It had been expected to sell for about 180,000-200,000 euros, according to auction house Drouot.

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Burning money?

Cigar butt with black and white photo of Churchill behind
RR Auction

A cigar once smoked by former British Prime Minister Winston Churchill has sold for $12,000 (£9,000), according to the Boston-based RR Auction house.

Churchill partially smoked the 10cm cigar at the Le Bourget Airport in Paris on 11 May 1947.

It was sold on Wednesday night to a collector in Palm Beach, Florida. The buyer's name was not released.

The half-smoked cigar was kept by a British airman who flew Churchill and his wife to and from Paris.

Read more here

IAG eyes Monarch's Gatwick slots

BA tail fins

British Airways owner IAG is interested in the London Gatwick slots of failed airline Monarch IAG boss Willie Walsh said on Friday.

Monarch went bust on October 2, amid strong competition in the sector.

"With Monarch, I think everybody's interested in slots at Gatwick, and that would be principally our interest as well... If we can get more slots at Gatwick, we'll certainly be looking for more," Mr Walsh told Reuters.

He also said the reduction in capacity was good for the industry.

Norwegian Air Shuttle's boss said on Thursday that he was also interested in the slots, depending on the price and clarification over how the slots will be allocated.

Roof protest ends

Man in roof space of Tesco

A sacked security guard's 21-hour protest in the roof space of a Tesco store has ended after he received a letter to review his dismissal (see earlier post).

Adama Jammeh climbed onto the girders above the checkouts in Tesco Extra, Reading, on Thursday evening.

In a series of Facebook videos, the 46-year-old said he was sacked after being wrongly accused of stealing.

In its letter, Tesco said evidence suggested Mr Jammeh may have suffered "a significant injustice".

The former guard was led out of the store by police shortly before 15:00 BST.

He was arrested on suspicion of public order offences, a Thames Valley Police spokesman said. Read the full story here

Crack down on fake sickness claims

Food serving dishes
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Efforts to crack down on UK tourists making fake claims for holiday sickness are being stepped up by the government.

It is proposing rules that would limit payouts by travel companies, which it hopes will deter bogus claims.

The Association of British Travel Agents (Abta) said there were about 35,000 claims over holiday sickness in 2016, a 500% rise since 2013.

The travel industry says the total cost of all claims was £240m in 2016 and risks raising holiday prices for all.

Read the full story here

Sterling's rise continues

Pound dollar intraday graphic Friday 13 October 2017
Pound euro intraday graphic Friday 13 October 2017

Let's check in on the pound now - and it's been a bit of an up and down day.

Sterling rose late on Thursday following a report in Germany's Handelsblatt suggesting the EU could offer the UK a two-year transitional Brexit deal, and it's managed to cling on to those gains and edge further ahead.

A short while ago it was up 0.33% against the dollar at $1.3307 and 0.23% higher against the euro at €1.1234.

Vedanta will appeal against court ruling

Vivienne Nunis

Business reporter, BBC News

More now on the story that the UK court of appeal has ruled that a group of Zambian villagers can pursue a claim for damages against the mining giant Vedanta Resources in the English courts (see earlier post).

They claim their water supplies were contaminated and their health damaged by pollution from a copper mine.

The 1,800 villagers live near the Nchanga mine in Zambia's copperbelt. The mine is operated by Vedanta's subsidiary KCM.

The villagers say their land and livelihood have been destroyed by pollution over a decade, and in 2015 they took their claims to the UK's High Court - because Vedanta is listed on the London Stock Exchange.

Vedanta and KCM challenged the jurisdiction of the English courts to hear the case, arguing they should be heard in Zambia instead.

Today, the Court of Appeal has ruled in the villagers' favour. The decision is being seen by some experts as a warning to other multinational companies with operations overseas.

Vedanta and KCM say they're examining the judgement and will appeal.

Regulator calls for checks on A380 engines

BBC World Service

Picture of damaged engine on the plane
David Rehmar

The US civil aviation regulator, the FAA, has told operators of Airbus A380 superjumbos to carry out urgent checks on their engines.

It follows an incident late last month involving an Air France A380 that had to make an emergency landing after suffering a major uncontained engine failure while flying from Paris to Los Angeles.

The FAA directive applies to aircraft fitted with American-built Engine Alliance turbofans -about 60% of the A380s in service.

Superjumbos using engines built by Rolls Royce are not affected.

FTSE 100 retreats from record high

London Stock Exchange blue
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The FTSE 100 has retreated from its record high close, ending Friday 21 points or 0.28% lower at 7,535.44.

Mining companies were among the highest climbers, with Rio Tinto gaining 3.27% and Glencore 2.69%.

Meanwhile, GKN fell by 9.84% after the engineering company warned its annual profit would fall short of expectations, blaming disappointing aerospace trading and two unexpected legal claims which are likely to result in a charge of about £40m in the fourth quarter of this year.

The mid-cap FTSE 250 finished 8 points or 0.04% ahead at 20,259.51.

On the 250 TalkTalk was the biggest faller, losing 6.15%.

The second biggest gain was seen by doorstep lender Provident Financial which climbed by 12.55%.

Earlier the troubled lender said it had put a recovery plan in place for its home credit business.

In August, shares in the company had dropped by two-thirds in one day after it issued a profit warning. Provident ran into trouble after an attempt to reorganise its door-to-door lending business failed to work.

Hammond: 'Enemy' is 'out there'

Chancellor Philip Hammond has been giving a series of interviews in Washington today - and one, in particular, has been seized on by multiple media outlets because of his use of the word "enemy" to describe the EU.

Speaking to Sky New Mr Hammond said: "My message is this: I understand that passions are high and I understand that people have very strong views about this but we're all going to the same place, we all have the same agenda.

"The enemy, the opponents are out there, they're on the other side of the negotiating table.

"Those are the people we have to negotiate with, negotiate hard to get the very best deal for Britain."

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Rush to get rid of old £1 coins

Old £1 coins

There’s been a big rush to get rid of round pound coins ahead of Sunday's deadline, according to NatWest bank.

The old £1 will no longer be legal tender from midnight on 15 October.

In the first week of October there was an 80% increase in the number of £1 coins being deposited at NatWest branches, says the bank.

It’s reckoned there are still around 450 million round pound coins in circulation with over £1.2bn having already been returned to The Royal Mint.

Hammond: Cabinet united

More from Kamal Ahmed's interview with Chancellor Philip Hammond now ...

And Mr Hammond rejected suggestions that the government seemed to be too engaged in arguing with itself rather than negotiating with the European Union.

He said the Cabinet was united behind Prime Minister Theresa May's recent speech in Florence setting out her Brexit plans and the UK's future relationship with the European Union.

"Everybody in the cabinet is signed up to that position, so we know what our proposal is, we've put it on the table effectively.

"Now we want the European Union to engage with it.

"I've said to them in the article I wrote earlier this week, come on kick the tyres, challenge us, ask the questions, we're ready to have this discussion with you, but let's behave like grown-ups, let's talk about the vision for the future, let's discuss it together and let's get this thing moving."

Hammond: What business wants from Brexit talks

In Washington, Kamal Ahmed asked Chancellor Philip Hammond how he thought the Brexit negotiations were going and what the Brexit process effect was on the UK's economy.

"Well, as said before, we always knew that the process of negotiations was going to create some uncertainty and that undoubtedly true," said Mr Hammond.

"If you talk to businesses, they would like us to get it done quickly so that they know clearly what our future relationship with the European Union is going to look like."

Hammond: 'I'm talking Britain up'

Philip Hammond

Chancellor Philip Hammond has been accused of being too pessimistic about Brexit, and this week told MPs on the Treasury Committee that a "cloud of uncertainty" over the outcome of negotiations was "acting as a dampener" on the economy.

On Friday Mr Hammond told Kamal Ahmed that he was optimistic about the UK’s economic future and was in Washington to promote it.

What I’m doing here in Washington is talking Britain up, talking about Britain’s future as a champion of free trade in the global economy, seeking further moves on liberalisation on trade in services which will hugely benefit our economy.

Chancellor Philip Hammond

Hammond: Lawson is 'wrong'

More from BBC economics editor Kamal Ahmed's interview in Washington with Chancellor Philip Hammond, now (see earlier posts).

Talking about Mr Hammond's role in the Brexit negotiations former chancellor Lord Lawson said "what he [Mr Hammond] is doing is very close to sabotage".

Responding to Lord Lawson’s comments, Mr Hammond said: “Lord Lawson is entitled to his view on this and many other subjects and isn’t afraid to express it, but I think he’s wrong."

'Punish firms that sell inferior version of products'

BBC World Service

Czech prime minister Bohuslav Sobotka
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The Czech prime minister Bohuslav Sobotka (pictured) has asked the European Union to do more to punish firms that sell inferior versions of their products, especially food, in central and eastern Europe.

He told the Summit on Equal Quality of Products for All in the Slovak capital Bratislava that the EU should tighten up its directive on unfair competition.

The Slovak prime minister Robert Fico said it was absolutely unacceptable for food producers to claim that what's known as dual quality was down to poorer water in the east or specific local tastes.

Zambian villagers can pursue damages claim

Zambia protesters outside Royal Courts of Justice in July 2017

Nearly 2,000 Zambian villagers have been given the go-ahead to pursue a claim for damages in English courts for environmental pollution after London's Court of Appeal on Friday rejected an appeal by mining group Vedanta.

Vedanta Resources and its Zambian subsidiary Konkola Copper Mines had appealed against a ruling in May 2016 when a High Court judge decided the claim could proceed on behalf of 1,826 Zambian villagers.

The companies wanted the claims to be brought in Zambia.

US shares rise on strong retail sales

Wall Street sign
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All three key US share indexes opened higher on Friday after new figures showed the rise in September's retail sales was the biggest for two and a half years.

The Dow Jones is at 22,876.96, up 36 points or 0.16%.

The S&P 500 is at 2,553.38, a rise of 2 points or 0.10%.

And the tech-heavy Nasdaq is at 6,606.64, 15 points or 0.23% ahead.

All of Wall Street's main indexes ended the day lower on Thursday amid investor concerns about credit card lending losses in the third quarter at JPMorgan and Citigroup and what said about underlying consumer demand.

Hammond: 'Absurd to pretend Brexit hasn't created uncertainty'

Kamal Ahmed

Economics editor

The Chancellor has described as "bizarre" and "absurd" accusations that he is talking down the economy by saying that the Brexit process has created uncertainty.

In an interview at the International Monetary Fund meeting in Washington, Mr Hammond said he was a realist and that he wanted to "protect and prepare" the economy for the challenges ahead.

"It is absurd to pretend that the process we are engaged in hasn't created some uncertainty," he said. "But the underlying economy remains robust.

"I am committed to delivering a Brexit deal that works for Britain."

He refused to answer how he would vote if another referendum was held now.

"We've had the referendum," he said. "You know how I voted in it."

Hammond: accusations are 'bizarre'

BBC economics editor tweets

Earlier today former Conservative chancellor Lord Lawson, told the BBC that Philip Hammond, the current Chancellor, should be removed from office over the Brexit negotiations - just the latest criticism he has received over the issue.

Mr Hammond is seen as one of the most pro-EU cabinet members and pro-Brexiteers have accused him of trying to water down or even stop Brexit.

Earlier this week Mr Hammond said he was not yet prepared to start spending money on contingency arrangements in the case of Britain and the EU being unable to reach a Brexit deal.

"I fear that he is unhelpful - he may not intend it but in practice what he is doing is very close to sabotage," Mr Lawson said.

Mr Hammond is in Washington and has been reacting.

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Fake sickness claims rocketing

Stop the sickness scams slogan by ABTA

Fake illness claims are now costing European holiday operators up to £240m a year, which has the knock-on effect of driving up prices for holidays.

There has been a 500% increase in false holiday gastric illness claims since 2013, allegedly due to unscrupulous lawyers cold-calling holidaymakers and persuading them to make fake claims, in order to profit from damages.

The UK government is now asking the travel industry to submit evidence, to help it draw up a plan for cracking down on false claims.

"These claims are tarnishing British holidaymakers’ reputation abroad, particularly in Spain where they are costing hoteliers millions of pounds," said the Association of British Travel Agents, which has been campaigning for government assistance for some time.

"It is crucial that the government brings in new rules which control legal costs on holiday sickness claims as soon as possible."

Question mark over Spain's growth?

Supporters of Catalan independence in Barcelona
Getty Images

The Spanish economy is likely to be affected by the political turmoil surrounding Catalonia's intention to become independent.

The government expects Spain's economy to grow 2.6% in 2018.

Deputy Prime Minister Soraya Sainz de Santamaria said:."The events that we are experiencing in Catalonia make us more prudent.

"In fact, if there were no quick solution to this issue we should be forced to lower expectations of economic growth for the year 2018," she said.

The deputy prime minister also said that hotel reservations in Catalonia were currently falling by 20-30%.

'Don't let other people take advantage of you'

Musical legend Dolly Parton is doling out business advice in an interview with Business Matters today.

In particular, she recommends you take ownership of all products and services you offer, and that you have back-up plans to fall back on.

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Wells Fargo hit by mortgage fine

Wells Fargo
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Wells Fargo is the only one of the Wall Street banks which have reported so far to have had a disappointing third quarter.

It said profit fell by over a fifth to $4.6bn compared to $5.6bn last year. Revenues dropped 2% to $21.9bn.

The bank said the drop was due to the impact of last year's $1bn settlement of a US Department of Justice lawsuit over risky mortgages.

The bank's report said nothing about the fake accounts scandal. The bank uncovered the issue in August, and said that many as 3.5 million accounts may have been created for customers without permission over about eight years.

The world's largest toll road firm

toll road

Atlantia’s €17bn ($20bn) bid for fellow toll road operator Abertis has been cleared by EU anti-trust regulators.

The European Commission said the Atlantia-Abertis deal, which would create the world’s largest toll-road operator, would not hurt competition.

However Spanish builder ACS is reported to preparing a rival bid.

ACS is expected to make a cash-and-share offer for Spain’s Abertis next week, according to Reuters sources.

The shop that comes to you

The latest in the BBC's disruptors' series features a shop that travels to you.

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On the roof

Man on the roof space at the Tesco Extra in Reading

A Tesco security guard who claims he was "sacked for no reason" is still protesting from the roof of the Tesco Extra supermarket in Reading.

The man has been live-streaming his protest for over 14 hours on Facebook, after climbing onto the girders above the checkouts at 18:15 BST on Thursday.

Shoppers were asked to abandon their trolleys and leave the store when the incident began.

The man is understood to be in a long-running dispute with the supermarket and security firm, TSS. Tesco says he is not directly employed by the supermarket.

He is believed to have been protesting outside the supermarket for several months with banners.

China's Great Wall admits BMW talks

BMW mini
Getty Images

China's Great Wall Motor has finally formally admitted it is in talks with BMW to cooperate on vehicles including those the German firm produces under the Mini brand.

Reports surfaced earlier this week that the duo were considering some kind of joint venture.

Great Wall suspended trading in its shares on Thursday, but says they'll resume trading on Monday.

Arriva North West bus drivers to strike

Arriva bus drivers

More than 2,000 bus drivers and engineering staff working for Arriva North West are set to stage a series of one-day strikes in a dispute over pay.

Members of Unite will walk out on October 19, 23 and 30, affecting bus services operating out of Arriva bus depots in Birkenhead, Bolton, Bootle, Macclesfield, Runcorn, St Helens, Speke, Southport, Winsford and Wythenshaw.

Unite said talks over pay had broken down

Bank of America beats trading slowdown

Bank of America
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Bank of America Corp has managed to increase third quarter profit by 13% to $5.59bn despite trading headwinds.

Revenues rose just 1% to $21.8bn from $21.6bn, dragged down by a 15% plunge in sales and trading revenue.

The bank blamed tough comparisons for the same quarter last year for the drop in trading revenues.