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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Wall Street shares down 2.8%
  3. UK productivity 1.8% above 2007 peak
  4. FTSE indexes trade lower
  5. Co-op Group returns to profit
  6. German industrial output tumbles

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC Testcard

    That's it for this week on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Monday.

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

  2. Wall Street closes lower

    Wall Street
    Image caption: Wall St closed lower

    Wall Street shares have closed lower, slumping after comments from Fed Chair Jerome Powell on the need to keep raising US interest rates. They also took a hit from the continued storm surrounding Trump's threat of a further $100bn of trade tariffs against China.

    The Dow Jones Industrial Average ended down 2.34%, falling 572.4 points to 23,932.76.

    The S&P 500 dropped 58.3 points or 2.19% to 2,604.4.

    And the tech-heavy Nasdaq slid 161.4 points or 2.28% to 6,915.11.

  3. Nine West files for bankruptcy

    Nine West

    American fashion retailer Nine West has filed for bankruptcy in New York, and is to sell its Nine West and Bandolino footwear and handbag businesses to Athentic Brands Group.

    Nine West has $1.5bn in debt and it missed a debt interest payment in March.

    The firm has entered a restructuring agreement and received $300 million in debtor-in-possession financing.

    Nine West just celebrated its 40th anniversary on 15 March with a big party in Los Angeles hosted by Olivia Culpo.

  4. When it rains, it pours

    carbon emissions

    Not content with potentially starting a trade war with China that might require arbitration from the World Trade Organisation, the Trump administration is apparently now considering introducing stiffer environmental regulations governing imported cars.

    According the Wall Street Journal, President Trump wants to use existing laws to protect US carmakers by forcing foeign automobile manufacturers to adhere to stricter carbon emissions standards, which would make their cars more expensive than US brands.

  5. Facebook shares drag Nasdaq down

    Facebook logo

    Wall Street shares are still falling, thanks to remarks made by Fed Chairman Jerome Powell, who thinks the Fed will need to continue raising interest rates.

    The Dow Jones Industrial Average plunged 686 points or 2.8% to 23,819.20 on the news. The top loser is industrial machinery maker Caterpillar, which exports a lot of machinery to China, down 4.4%.

    The S&P 500 slid 65.4 points or 2.5% to 2,597.41. United States Steel Corp heads the losers, falling 6.8%.

    And finally, the tech-heavy Nasdaq has been dragged down by Facebook, falling 175 points or 2.5% to 6,901.81. Facebook's shares have been flip-flopping over the course of the day, and are currently down 1% to $157.64.

  6. US interest rates likely to keep rising

    Jerome Powell

    The Federal Reserve will very likely need to keep raising interest rates in order to keep inflation under control, Fed Chairman Jerome Powell has told an audience at a conference in Chicago.

    "As long as the economy continues broadly on its current path, further gradual increases in the federal funds rate will best promote these goals," he said.

    Mr Powell did not mention the trade tariffs row between the US and China in his speech, however he did say that potential risks to the US economic outlook appeared to be "roughly balanced".

  7. More on Facebook's proposed changes

    Facebook CEO Mark Zuckerberg

    Facebook's chief executive Mark Zuckerberg said the social network will start verifying the identities of people running popular pages, as part of its continued efforts to stem fake news and propaganda.

    The company today said all “large” pages would be audited - any which did not clear the process would be prevented from posting.

    Facebook will add more transparency of “issue-based” political ad funding.

    "These steps by themselves won't stop all people trying to game the system. But they will make it a lot harder for anyone to do what the Russians did during the 2016 election and use fake accounts and pages to run ads," he said in a Facebook post.

    "Election interference is a problem that's bigger than any one platform, and that's why we support the Honest Ads Act. This will help raise the bar for all political advertising online."

  8. BreakingFacebook announces it will back new regulations on political ads

    BBC Breaking News image

    Facebook's chief executive Mark Zuckerberg has endorsed calls for tougher US regulations on political ads on the internet.

    Separately he is also tightening verification on the network for ads addressing political issues.

    More to follow shortly.

  9. Why is China targeting US hogs and Harleys?

    How did livestock and motorcycles become unlikely weapons in a looming trade war between the United States and China? The BBC's Anthony Zurcher has the answers.

    Video content

    Video caption: Why China is targeting US hogs and Harleys
  10. Protest over Pinneys factory closure plans

    Workers and local people gathered for the protest on Friday afternoon

    A protest has been held at the Pinneys of Scotland fish processing factory in Annan.

    Earlier this week, parent company Young's Seafood announced plans to close the plant, with the loss of 450 jobs and production moving to Grimsby.

    Workers and people from the local area took part in the demonstration.

    It came as an action group meeting got under way in Dumfries involving council leaders, MSPs and Enterprise Minister Paul Wheelhouse.

  11. Formula 1 bosses aim for 2021 budget cap

    Formula 1 Mercedes race car

    Formula 1 is pressing ahead with plans to introduce a budget cap in 2021 as part of attempts to make the sport more attractive.

    Owners Liberty Media presented more detail on their plans to the teams at the Bahrain Grand Prix on Friday.

    A budget cap in the region of $150m is central to the aim, along with more equitable prize money distribution and technical changes.

    Mercedes F1 boss Toto Wolff said it was "a starting point of a dialogue".

  12. Other abuses of Facebook data are possible

    Facebook chief operating officer Sheryl Sandberg

    Facebook's chief operating officer Sheryl Sandberg has said that the social network cannot rule out other instances where user data has been abused.

    Ms Sandberg is currently doing interviews with various US media vehicles. Her latest comments were made to National Public Radio (NPR) and NBC's Today Show.

    "Safety and security is never done, it's an arms race. You build something, someone tries to abuse it," she told NPR.

    "...we did not think enough about the abuse cases and now we're taking really firm steps across the board."

    Ms Sandberg said that Facebook probably should have taken more steps several years ago to secure the network, and that firm was too "idealistic" in its approach to protecting privacy.

  13. How blue jeans became a million dollar idea

    It's estimated that on any one day, half the people on Earth are wearing blue jeans. No wonder: they're hard-wearing, and they've come to be a symbol of youth and coolness. But who came up with this modern style of denim trousers?

    Aaron Heslehurst tells all.

    Video content

    Video caption: How blue jeans became a million dollar idea
  14. London closes flat

    London Stock Exchange

    London shares have closed flat, following US President Donald Trump's threat to potentially impose an additional $100bn in trade tariffs on Chinese exports.

    The FTSE 100 ended 15.9 points or 0.22% lower to 7,183.64, pulled down by mining and metals group Rio Tinto, falling 2.4% to £35.60 after analysts Exane BNP Paribas downgraded the firm's stock.

    Meanwhile, the FTSE 250 closed 46 points or 0.24% down to 19,530.17. Trading and mining firm Ferrexpo led the losers, sliding 7.5% to 220.5p after announcing yesterday that its iron ore pellet production fell 1.6% year-on-year.

  15. Tata Steel looks ahead

    ThyssenKrupp steelworks

    India's Tata Steel is considering taking a majority stake in a planned European steel joint venture with German firm Thyssenkrupp.

    The joint venture will create Europe's second-largest steel group after ArcelorMittal, and it would enable Tata to expand its steel empire globally.

    Thyssenkrupp on the other hand is looking to exit steel-making to focus instead on manufacturing technology and industrial goods that offer higher margins.

    "They have different visions. Thyssenkrupp is looking to exit the steel sector while Tata is looking to stay and grow," sources told Reuters.

  16. Airbus builds a new super-transporter

    Airbus is building a new super-transporter, the Beluga XL, an aircraft capable of carrying wings and other parts from its factories for assembly at its base in Toulouse.

    Airbus already has an existing aircraft but says with rising output it needs an even bigger transporter.

    Video content

    Video caption: Airbus builds a new super-transporter
  17. President Trump says WTO is 'unfair'

    President Donald Trump has been tweeting again.

    Today's post is that the World Trade Organisation is being "unfair" to the US in its handling of China's dispute over trade tariffs.....

    View more on twitter
  18. Remove two-child benefit cap, bishops urge ministers

    A child playing

    Sixty Church of England bishops along with leaders of other religious groups, are urging ministers to rethink the two-child benefits cap.

    In a letter to the Times, they say the policy is likely to tip an extra 200,000 children into poverty.

    Changes limiting some benefits to the first two children in a family came into effect last year.

    The government says parents on benefits should face the same financial choices as those in work.

  19. 'I can manufacture better doors here in Rwanda'

    A civil engineer by training, entrepreneur Patrick Dufitimana noticed that much of the wooden furniture used in Rwanda's construction and home building market was imported from abroad, and he didn't like the quality. So he decided to set up his own business.

    Africa Business Report visited him in the Rwandan capital of Kigali to find out more.

    Video content

    Video caption: 'I can manufacture better doors here in Rwanda'
  20. Still confused about pensions changes?

    Row of pink piggy banks

    Check your wages this month and you might notice you've taken home a little less than usual.

    It's because automatic pensions contributions have risen (see earlier posts).

    If you're over the age of 22, you'll be getting at least 3% of your wages put aside for when you retire - up from 1%.

    If money's tight, or you don't like the sound of it, you can opt out by speaking to your employer. Confused? Read on for some answers to some of the questions you might still have.

    Have you got questions about the increase in automatic pensions contributions (see earlier posts)?

    Well, here's a handy Q&A put together by our colleagues over at BBC Radio 1's Newsbeat.