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Summary

  1. Pound drops against dollar and euro
  2. FTSE 100 hits fresh intraday high
  3. Tories and Labour not being honest - IFS
  4. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Dearbail Jordan

All times stated are UK

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  1. Good night

    Test card F

    That is it for another week with Business Live.

    We hope you have a great Bank Holiday weekend and will join us 6.00am on Tuesday morning.

  2. Mixed close for US stock markets

    The Dow Jones Industrial Average has closed 3.66 points lower at 21,079.29.

    The S&P 500 ended Friday flat at 2,415.81.

    The Nasdaq finished 4.94 points ahead at 6,210.19.

  3. Oil prices rise

    Oil is making a bit of a comeback.

    Brent crude prices are now up 1.4% at $52.2 a barrel while West Texas Intermediate is 1.9% at $49.82.

    It has been an interesting journey for Brent leading up to and after the Opec meeting on 25 May...

    Oil price
  4. Trump at G7 'to get smarter'

    German Chancellor Angela Merkel, US President Donald Trump (C) and Italian Prime Minister Paolo Gentiloni (R)
    Image caption: German Chancellor Angela Merkel, US President Donald Trump (C) and Italian Prime Minister Paolo Gentiloni (R)

    US President Donald Trump went to the G7 summit in Italy "to get smarter", according to his chief economic adviser, Gary Cohn.

    During the gathering, Mr Trump managed to offend Germany by calling it "bad, very bad" over car sales to the US, then he held out against the other participants about backing the Paris climate accords.

    Mr Cohn said: "His views are evolving He came here to learn. He came here to get smarter.”

  5. US stocks trim losses

    The Dow Jones Industrial Average has trimmed losses and is now down by 1.85 points to 21,081.10.

    Walt Disney leads the risers, with its share price up 0.85% at $108.18. On the downside, retailer Home Depot is the biggest loser with its stock down 0.92% at $155.

    The S&P 500 remains flat at 2,415.46 while the technology-heavy Nasdaq is 1.7 points ahead at 6,206.96.

  6. Four times a charm for Tidal?

    Jay Z
    Image caption: US rapper Jay Z

    Music streaming business Tidal has lost its third chief executive in two years.

    Tidal confirmed on Friday that Jeff Toig has left the business which is owned by US rapper Jay Z and a number of other music artists.

    On joining in 2015, Mr Toig replaced Peter Tonstad who was an interim chief executive following the departure of first boss Andy Chen earlier that year.

    Tidal said: "As part of Tidal’s continued expansion this year we will be announcing a new chief executive in the coming weeks."

    It wished Mr Toig "all the best in his future endeavors”.

  7. US continues to add oil rigs

    US oil rig

    Oil prices are not going the way Opec nations and some other major economies had hoped after a key meeting on Thursday, and the following is a factor.

    New figures from oil services group Baker Hughes show that US drillers added 2 rigs last week to take the total to 722. This is compared to 316 in the same week last year and signals the 19th week of rises.

    Bjarne Schieldrop, chief commodities analyst at Nordic corporate bank SEB, says: "As a consequence of the extension of the cuts, we are likely to see a more supportive oil price and yet more US shale oil rigs being added to the market over the coming nine months.

    "In our view, this is likely to flip the global supply/demand balance for 2018 and 2019 into surplus."

  8. Who is America's highest earning boss?

    Thomas Rutledge

    The highest paid chief executive in the US earned a staggering $98m (£76.5m) last year.

    According to The New York Times, a big bunch of stock options propelled Thomas Rutledge of telecoms group Charter Communications, to the top of the list. Last year, he earned a measly $16.4m.

    If you would like to see who earned what, as you desperately cling to your EuroMillions ticket, click here.

  9. Parties 'take risks' with manifesto maths

    Video content

    Video caption: General election 2017: IFS on costs of Labour and Tory plans
  10. Sainsbury's 'in talks' with Palmer & Harvey

    Smoker

    Sainsbury's may be plotting a takeover of tobacco distributor Palmer & Harvey.

    The Daily Telegraph reports that the supermarket group is putting together plans for a bid, which is understood to be at an early stage.

    Palmer & Harvey is a supplier to Sainsbury's rival Tesco which itself is in the process of buying wholesaler Booker for £3.7bn.

  11. No sign of US second quarter bounce

    More on the upwardly revised US GDP for the first quarter.

    Friday's figures revealed the worst was the worst performance in a year and followed a 2.1% growth rate in the fourth quarter.

    Scott Anderson, chief economist at Bank of the West, said: "Economic indicators so far aren't entirely convincing on a second quarter bounce in activity and show a US economy struggling to surprise on the upside."

  12. Amazon adds more bricks to its clicks

    The giant online retailer is opening another bookshop.

    Video content

    Video caption: Amazon opens seventh US bookstore
  13. German car industry fires back at Trump

    US President Donald Trump and German Chancellor Angela Merkel
    Image caption: US President Donald Trump and German Chancellor Angela Merkel

    Germany's car industry has responded to claims by US President Donald Trump that the country is "bad, very bad" because of all the vehicles they sell in America.

    The Association of the Automotive Industry (VDA) says that 265 plants owned by German car makers and parts manufacturers created 110,000 jobs in the US.

    VDA president Matthias Wissmann says: "For German manufacturers, the US is not just an important market, but more than ever a significant production location.

    "Investment in the US and the international exchange of goods are inseparable for us.”

  14. BBC Election Panel: Your thoughts on housing

    The BBC is running an election panel, asking voters for their thoughts ahead of 8 June.

    We wanted to know: What should we be doing to address the need for more low cost housing? Does any party have policies you think would help?

    Houses

    Tarz, Birmingham: "Use up all avaliable brownfield sites. If landowners do no build within three years of purchase, then the councils should buy them back at the price that was paid. The council then gets houses built on the sites. This stops land-hoarding. Trouble is, each individual is responsible for his/hers situation, and should not rely on others to house them. All parties talk the talk then do sod all when in power."

    Beatrice, Shrewsbury: "Use greenbelt areas to build more houses, decrease demand."

    Carol, Stoke: "I think derelict buildings could be used. They could be renovated and either rented or sold at a reduced rate to people who would benefit from low cost houses. There are some old derelict factory buildings near where I live, they have been unused for years now, but could be put to good used if turned into flats."

  15. Goodbye John

    Industry and employment correspondent John Moylan is leaving the BBC. His dulcet tones on air and in the office will be much missed.

    View more on twitter
  16. FTSE 100 closes on a high

    The FTSE 100 ended Friday up 33.64 points to a new high of 7551.35.

    The FTSE 250 also enjoyed a strong close, rising 57.34 points to 20,024.92.

  17. Sir Philip considers plans for Topshop Australia

    Topshop opened in Sydney in 2012
    Image caption: Topshop opened in Sydney in 2012

    Sky News is reporting that Sir Philip Green is weighing up options to save the Australian arm of his Topshop chain.

    The franchise partner, called Austradia, fell into administration on Wednesday.

    Topshop has nine shops in Australia and 17 concessions within Myer, the department store group. It employs 760 people.

    Sky News says that Sir Philip's Arcadia Group is in discussions with administrators Ferrier Hodgson about the next step.

  18. UK and US commit to post-Brexit trade deal

    Donald Trump and Theresa May

    The special relationship is still special it seems - despite the leak of details about the Manchester bombing.

    An announcement from the G7 summit in Italy says that Prime Minister Theresa May and President Donald Trump "reaffirmed their commitment to increasing trade between the UK and the US, including a post-Brexit trade deal."