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Live Reporting

Chris Johnston

All times stated are UK

  1. Good night!

    That's all we have time for on Business Live today and this week - thanks for reading.

    We are back bright and early on Monday at 06:00 so do join us then.

  2. Russian nuclear scientists arrested for 'Bitcoin mining plot'

    The arrested scientists worked at the secret factory which made the USSR's first nuclear bomb
    Image caption: The arrested scientists worked at the secret factory which made the USSR's first nuclear bomb

    Russian security officers have arrested several scientists working at a top-secret Russian nuclear warhead facility for allegedly mining crypto-currencies.

    The suspects had tried to use one of Russia's most powerful supercomputers to mine Bitcoins, media reports say.

    The Federal Nuclear Centre in Sarov, western Russia, is a restricted area.

    The centre's press service said: "There has been an unsanctioned attempt to use computer facilities for private purposes including so-called mining."

    The supercomputer was not supposed to be connected to the internet - to prevent intrusion - and once the scientists attempted to do so, the nuclear centre's security department was alerted. They were handed over to the Federal Security Service, the Russian news service Mash says.

    Read more here.

  3. Wall Street recovers - sort of...

    Another rollercoaster ride in New York today, but all three main indexes reversed earlier losses to end the day higher.

    The Dow Jones and the Nasdaq both closed up 1.4%, while the S&P 500 gained 1.5%.

    However, the Dow and S&P have both ended the week 5.2% lower - the biggest weekly declines for both since January 2016.

    The Nasdaq only did slightly better, posting a 5.1% decline for the week.

  4. 'Sloppy territory'

    Confused about what's been happening on Wall Street today? You're not alone.

    The S&P 500 has gone from being up 1.5% to down 1.9% in the space of a few hours on Friday, echoing the big swings of the past week, while the Dow moved in a range of more than 800 points.

    "I just think the market has to find new footing here," says Peter Tuz at Chase Investment Counsel in Charlottesville, Virginia. "We are in very sloppy territory, until we're not in sloppy territory."

  5. Oil prices slide

    oil pump

    US crude oil ended the day down 3.2% at $59.20 - the lowest since just before Christmas, while the price of a barrel of Brent crude dropped 3.1% to $62.79.

    The falls means both US and Brent crude have lost more than 11% from this year's peak late last month.

  6. Japan raids cryptocurrency exchanges

    Hands type at a laptop keyboard

    Japan has expanded raids on cryptocurrency exchanges following the world's biggest digital currency theft.

    Authorities are checking whether adequate security systems are in place.

    Officials plan to inspect more exchanges after searching the offices of Coincheck last week. Thieves stole $534m (£382m) from that exchange in January.

    Another Tokyo exchange, MtGox, collapsed in 2014 after admitting that $400m had been stolen from its network.

  7. Delivery firms shares slide on Amazon report

    A UPS van in London

    The online retailer is reportedly planning a new service called "Shipping With Amazon" that will allow it to pick up packages from businesses and deliver them to consumers. The service is expected to start in Los Angeles in the coming weeks, before it is rolled out more broadly as soon as this year, according to The Wall Street Journal.

    Shares of shipping companies FedEx and UPS slipped on Friday in the wake of the report. Amazon, which has been edging into the delivery business for some time, did not issue a denial. Kristen Kish, an Amazon spokeswoman, said: "We're always innovating and experimenting on behalf of customers and the businesses that sell and grow on Amazon to create faster lower-cost delivery choices."

    An Amazon entry into the delivery business would "send shivers down the spines of the traditional delivery companies", said Neil Saunders, the managing director of GlobalData Retail.

    He wrote: "The danger for the traditional delivery firms is two-fold. Firstly, they are likely to lose business from Amazon; this will be slow at first but will accelerate as Amazon rolls out more of its own delivery services. Secondly, if Amazon starts offering delivery to businesses, it will likely do this at a reduced rate."

    Amazon has made other forays into delivery. In August 2016, the company unveiled its first branded cargo plane, one of 40 jetliners that were expected to make up its own air transportation network.

    Shares of UPS and FedEx fell more than 2% in today's trading.

  8. All about the IPO...

    Back to the Waymo settlement for a moment, Kate Conger at Gizmodo offers this take - and @dkhos is Uber boss Dara Khosrowshahi, by the way.

    View more on twitter
  9. More moolah for BoA boss

    Brian Moynihan

    It's going to be a good weekend for Bank of America chief executive Brian Moynihan: The board has given the nod to increasing his incentive scheme by $3m to $21.5m for 2016.

    But poor Mr Moynihan had to get by last year with no cash bonus and no pay rise either, meaning his base salary remains at a meagre $1.5m. Shall we have a whiparound?

  10. Wall Street woes

    US flag

    Speaking of things going down, the Wall Street selloff seems to be gathering pace.

    The Dow Jones is now 1.3% lower, while the S&P 500 has shed 0.9% and the Nasdaq Composite has fallen 1.8%.

  11. Worst week in two years for the FTSE

    The FTSE 100 is now down about 9% from its record high hit on 12 January, making it the worst week since 2016 for the blue-chip index.

    But is this correction the start of a bear market? "If we look at other indicators it doesn't look the case," says Rory McPherson at Psigma Investment Management in London.

    "Interbank lending rates are still pretty low, credit spreads have moved up slightly from record lows but haven't blown out, and earnings season is coming along pretty well," he adds.

  12. Barnier comments dent sterling


    Sterling is trading under $1.38 after the European Union's Brexit negotiator, Michel Barnier, warned the UK that a post-Brexit transition deal was "not a given".

    The pound had risen sharply on Thursday when the Bank of England said interest rates probably needed to rise sooner and by more than previously thought, as global growth helped the UK economy.

    Sterling slid 0.8% against the dollar to $1.3795, and was down 0.7% against the euro at €1.1280.

    Barnier's comments have "raised the risk that a transition deal may not be as easy to achieve as the market had expected", said Lee Hardman, analyst at MUFG in London.

    Neil Jones, at Mizuho Bank, said the pound "was pushing lower as the pendulum shifts from a soft to a hard Brexit".

  13. Uber 'to pay $245m'

    Uber sign

    Tech site Recode reports that Uber has agreed to pay Alphabet, which owns Waymo, the equivalent of $245m in equity.

    "The agreement specifically requires Uber to give Alphabet 0.34% of Uber’s latest funding series. Sources involved in the negotiations say it’s based on a $72bn valuation," Recode reports.

  14. BreakingFTSE 100 sinks

    The London blue-chip index has ended the day 1.3% lower at 7,078 points after volatile trading on Wall Street this afternoon.

  15. Step by step

    Dara Khosrowshahi

    Uber had been accused of stealing trade secrets from Waymo, Google's former autonomous driving unit.

    In his statement, Uber chief Dara Khosrowshahi (pictured) said that "while we do not believe that any trade secrets made their way from Waymo to Uber ... we are taking steps with Waymo to ensure our Lidar and software represents just our good work".

    Everything you ever wanted to know about the somewhat complicated case is here from our north America technology reporter Dave Lee.

  16. BreakingUber and Waymo settle

    Uber car

    Uber and Waymo have reached an out-of-court settlement four days after a trial began in the US.

    The ride-sharing firm was being sued by Waymo, the self-driving company spun out of Google.

    Uber was accused of stealing and using trade secrets relating to Lidar (light detection and ranging) - one of the technologies that enables an autonomous car to understand what is happening around it.

    Uber chief executive Dara Khosrowshahi has posted a statement here.