Veterans Affairs Secretary David Shulkin is the latest in a long line of senior officials to exit.Read more
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- US stock markets open lower
- FTSE 100 index trades down
- Tourist visits to the UK rise by 7%
- Infosys CEO quits amid 'personal attacks'
Thank you for joining Business Live for an extraordinarily eventful week.
Have a great weekend and we look forward to bringing you all the breaking business and economic news from 6.00am on Monday.
It has been a volatile day for US stocks.
Indexes opened down or flat, rose once it was confirmed that White House chief strategist Steve Bannon was leaving, then fell again.
"There are still question marks on what this means and what other shoes are to drop, like other personnel of note," says Mark Luschini, chief investment strategist at Janney Montgomery Scot.
He added: "This is noteworthy, but it's not necessarily economic and therefore the market is viewing it as a positive but only marginally positive, as it doesn't put money in anybody's pocket in the way tax reform would."
After another frenetic day of news, the Dow Jones Industrial Average has closed 75.63 points lower at 21,675.10.
Following earlier gains, the S&P 500 finished 4.49 points lower at 2,425.52.
Also, after a brief rally, the Nasdaq ended 5.39 points down at 6,216.53.
Old prices have held onto earlier gains.
Brent crude is 3.6% higher at $52.87 a barrel.
West Texas Intermediate is up 3.3% at $48.62 a barrel.
There's an interesting story in the Daily Telegraph. The newspaper reports that the fast food chain McDonald's could be facing its first strike in the UK since opening here in 1974.
Workers at two of its outlets - in Crayford and Cambridge - have been balloted following claims McDonald's has failed to end zero hour contracts while some people have complained about the company's grievance procedure.
Ian Hodson, national president of the Bakers, Food and Allied Workers Union. told the Telegraph: "We fully support the historic decision by these workers to stand up and fight back against McDonald’s, which has had countless opportunities to resolve grievances by offering workers a fair wage and acceptable working conditions.”
The microwave oven is one of the most-used inventions of modern times. But we might never have had it, except for a chance discovery made by scientists in the Second World War.
The BBC's Aaron Heslehurst explains how it became a million dollar idea.
Commenting on the US administration, Bruce McCain, chief investment strategist at Key Private Bank, said investors were fearful about the progress of policy change.
"It appears they've gotten so bogged down in the politics of Confederate monuments, everybody thinks they're incapable of delivering meaningful change," he said.
CNBC has just posted a video where traders can he heard cheering the news that White House chief strategist Steve Bannon is leaving the Trump administration.
White House press secretary Sarah Huckabee Sanders has just issued the following statement: "White House Chief of Staff John Kelly and Steve Bannon have mutually agreed today would be Steve's last day. We are grateful for his service and wish him the best."
After a brief spell in positive territory, the Dow Jones Industrial Average is now trading down 10.83 points at 21,739.90.
The S&P 500 is just holding onto gains, up 1.80 points at 2,431.81.
The Nasdaq is now 11.85 points ahead at 6,233.77.
Oil prices jumped on Friday after Baker Hughes said that US energy businesses cut five oil rigs in the week to 18 August.
It is the second week in three that companies have reduced the US rigs count according to the energy services firm.
Brent crude has jumped 3.1% to $52.61 a barrel.
West Texas Intermediate is up 2.8% to $48.40 a barrel.
Commenting on the turnaround in US stocks on Friday, Peter Costa, president of Empire Executions, says: "I think it was the rumor of Steve Bannon getting fired.
"There's a lot of hopeful people thinking that, 'you know what, he has been a divisive figure in the White House ... Getting rid of him might be a good deal for the president.'"
The Dow Jones Industrial Average is up 22.59 points at 21,773.32 following reports in the New York Times that US President Donald Trump has told aides that he plans to push out chief strategist Steve Bannon.
The S&P 500 has added 5.96 points to 2,435.97.
The Nasdaq is up 25.45 points at 6,247.37.
White House chief strategist Steve Bannon is set to be pushed out by the US President Donald Trump according to reports in The New York Times.
More to follow...
When staff at CyberKeel investigated email activity at a medium-sized shipping firm, they made a shocking discovery.
"Someone had hacked into the systems of the company and planted a small virus," explains co-founder Lars Jensen. "They would then monitor all emails to and from people in the finance department."
Whenever one of the firm's fuel suppliers would send an email asking for payment, the virus simply changed the text of the message before it was read, adding a different bank account number.
"Several million dollars," says Mr Jensen, were transferred to the hackers before the company cottoned on.
Wall Street stocks have pared losses on speculation over the future of White House chief strategist Steve Bannon in US President Donald Trump's administration.
The Dow Jones Industrial Average is now down 6.71 points at 21,744.02 while the S&P 500 has turned positive and is now 4.71 points ahead at 2,434.72.
The Nasdaq has also rebounded and is now up 21.08 points at 6,243.00.
More to follow...
The co-founder and former chief executive of taxi hailing group Uber has dismissed an investor lawsuit against him as a "public and personal attack".
In response to a lawsuit by key shareholder Benchmark Capital which want to force him off the board, Travis Kalanick said the legal action was part of a wider move to oust him from the company and take away his power.
The filing claims that Benchmark "threatened to launch a public campaign against" Mr Kalanick if he refused to resign as chief executive.
It is a mixed day so far for commodities.
Gold, traditionally seen as a safe haven for investors in times of turmoil, is trading up 0.7% at $1,295.25 an ounce.
Oil prices are lower. Brent crude is down 0.2% at $50.92 a barrel and West Texas Intermediate is 0.5% lower at $46.84.
The Dow Jones Industrial Average has extended losses and is now down 59.05 points at 21,691.68.
The US index has dropped 167.15 points over the last tumultuous week amid the terror attacks in Spain, the violence in Charlottesville and Donald Trump's inflammatory response to it, business leaders distancing themselves from the US President and the US Federal Reserve's concern about weak inflation.
The S&P 500 is off 3.81 points to 2,426.20 and down 15.08 points this week.
The Nasdaq is flat at 6,221.13 so far on Friday and is 33.5 points lower over the last five days.
The BBC's North America technology reporter Dave Lee meets Andy Rubin, the creator of Google's Android operating system, as he reveals his brand new Essential Phone.
He also meets Essential's president Niccolo De Masi at the end of a slide.
Air Berlin began talks on Friday to sell its Austrian airline business Niki.
The business employs 850 people and is being offloaded after its owner Air Berlin declared itself insolvent earlier this week.
On Friday, the German government said it was not involved in talks to sell Air Berlin.
A spokesman for the economy ministry said: "The companies are negotiating now. The government is not sitting at the table there and is also not steering this."
US consumer sentiment rose in the first half of August, according to the University of Michigan.
The survey recorded a reading of 97.6 compared to 93.4 in July and up 8.7% on the same period last year.
Surveys of Consumers chief economist, Richard Curtin, said: "Consumer confidence rose in the first half of August to its highest level since January due to a more positive outlook for the overall economy as well as more favorable personal financial prospects."
Mr Curtain points out that only a few interviews were conducted following the events in Charlotteville to assess the impact on consumers' economic outlook.
He said: "The fallout is likely to reverse the improvement in economic expectations recorded across all political affiliations in early August."
Shares in Foot Locker plunged 24.51% to $36.01 after the US retailer reported a sharp fall in second quarter trade and warned that like-for-like sales will decline for the rest of the year.
The sports footwear retail said that sales of "some recent top styles fell well short of our expectations". It said it was also impacted "by the limited availability of innovative new products in the market."
Net income fell to £51m for the three months to 29 July compared to $127m in the comparable period.
Like-for-like sales fell by 6% while total turnover declined by 4.4% to $1.7bn.
The Dow Jones Industrial Average has opened lower, shedding 27.94 points at 21,722.79.
The S&P 500 is also down, 1.62 points at 2,428.39.
And the Nasdaq has opened flat at 6,221.63.
The billionaire co-founder of US retail giant Home Depot says that US President Donald Trump "completely mishandled" his response to the deadly violence at Charlottesville.
Ken Langone, who has supported Mr Trump's economic policies, told The New York Times: "I had high hopes — the president has blown a great opportunity."
He added: "He completely mishandled the situation in Charlottesville. There was no gray area here — these people [the white supremacists] were repulsive."
But Mr Langone said: "I still believe he can get a lot done and he has an uncanny knack of surviving. I mean who would have thought he was going to win in the first place?"
The takeover of cult beauty brands helped drive sales at Estee Lauder.
The cosmetics giant said that the acquisitions of Too Faced and BECCA "performed ahead of plan" and were strong contributors to fourth quarter and full year sales.
But its more established brands also grew sales, including Tom Ford, especially lip products, Smashbox and Estee Lauder.
Annual revenue grew by 5% to $11.82bn and net profit increased by 12% to $1.2bn.
Estee Lauder was also upbeat about the year ahead. Fabrizio Freda, president and chief executive said: "We expect the great momentum we built throughout the past year to continue in fiscal 2018."
The world's biggest maker of agricultural equipment has been a big beneficiary of South America's rising corn and soybean output.
John Deere, known for its green and yellow tractors, saw profits beat analysts' estimates with a 31% rise to $642m in the three months to 30 July.
Revenue rose to $7.8bn from $6.72bn.
The US company said demand for equipment from South America had been particularly strong.
German drugmaker Stada has accepted an improved takeover offer from private equity groups Bain Capital and Cinven.
The buyout firms increased their bid by 25 cents per share to 66.25 euros after a previous 5.3bn-euro offer fell through. That made the revised offer worth approximately 16 million euros more than the previous one.
Shares in Stada jumped more than 13%, well above the offer price, while shares in rival drugmakers sank.
In London Hikma is down 6%, GlaxoSmithKline 1.2% and AstraZeneca 1.1%.
Nestle has said it will defend itself against claims it ripped off the "look and feel" of an Atari computer game in marketing for Kit Kat.
It said a lawsuit from Atari referred to "a UK TV advert that ran in 2016. The ad no longer runs and we have no current plans to re-run it."
It added: "We are aware of the lawsuit in the US and will defend ourselves strongly against these allegations."
The Ukrainian central bank has warned firms across the country they could be hit by a "mass cyber attack".
It follows a huge attack on the country in June, which crippled government agencies and businesses before spreading rapidly across eastern Europe.
On Friday, Kiev's central bank said it had identified a new strain of malware and advised lenders to take precautions.
It said the virus is spread by opening email attachments of word documents, and had not been detected by anti-virus software.
"This suggests this attack is preparation for a mass cyber-attack on the corporate networks of Ukrainian businesses," it said.