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Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

    Test Card F

    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.

  2. Will Whisky Galore remake boost tourism?

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

    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

  3. Wall Street ahead at close

    Wall Street sign

    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%. 

  4. Keeping it simple

    Gary Cohn

    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."

  5. 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."

  6. Safety agency proposes new rules on drones

    BBC World Service

    Drone in air in front of airport sign

    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.

  7. Debenhams data breach hits 26,000


    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.

  8. Cohn laments low paying US jobs

    Gary Cohn

    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."

  9. No decision yet on oil deal extension

    Oil rig

    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.

  10. Yellen on women and the economy

    Janet Yellen

    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.

  11. 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."

  12. IBM weighs on US stocks

    US stock market traders

    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.

  13. 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.

    Video content

    Video caption: Lost at the airport? This robot can help
  14. 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.

  15. 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
  16. UK stock markets end on a positive note

    London Stock Exchange

    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.

  17. Cohn pledges to avoid healthcare mistakes

    Gary Cohn (L) and Steven Mnuchin
    Image caption: 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."

  18. 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.