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Live Reporting

Daniel Thomas

All times stated are UK

  1. Good night

    That's all from the BBC Business Live Page for this week.

    Do join us again bright and early on Monday morning for what promises to be a news-packed week.

  2. 'Huge week ahead'

    Kim and Trump

    While investors remained impressively unperturbed by the simmering tensions behind the Quebec G7 meeting, it's possible they have just been saving their strength for next week.

    It's going to be a busy one.

    The Federal Reserve is widely expected to hike rates for the second time this year. And there may be hints of plans for the rest of the year.

    Then there's the Kim-Trump summit in Singapore.

    "Next week is a huge week for the news cycle," said Mark Heppenstall at Penn Mutual Asset Management.

    "There is probably a little bit of position squaring before the weekend."

  3. US markets close

    US stocks managed to shrug off concerns over global trade issues and have ended the week with a moderate rise over Friday's trading.

    The Dow Jones index was 0.29% or 73 points higher at 25,315.19 at the close.

    The Nasdaq ended 0.17% higher, or 12 points up on the day, at 7,647.83.

    The S&P 500 closed 0.31% or 8.46 points higher at 2,778.83.

  4. Consumer group urges Tesla to fix 'flaws' in Autopilot

    Model X

    A consumer advocacy group has urged Tesla to fix what it describes as “flaws” in the carmaker’s "Autopilot" driver-assistance system.

    It comes after a government report said a driver did not have his hands on the vehicle’s steering wheel in the final six seconds before a fatal crash.

    The report issued on Thursday by the National Transportation Safety Board (NTSB) said Walter Huang - the driver of the 2017 Model X using Autopilot - had been given three alerts to place his hands on the steering wheel prior to the crash.

    But it said those alerts came more than 15 minutes before the accident.

    The Consumers Union said the NTSB’s “alarming report reinforces why Tesla must respond immediately to previous concerns raised about its driver-assist system”.

    Tesla has declined to comment but in March said that Mr Huang had not braked or taken actions to avoid the crash in the final seconds before the accident.

  5. EU regulators 'to approve Comcast bid for Sky' - sources

    Sky logo

    EU regulators are set to approve without conditions Comcast's bid for Sky, unnamed sources have told Reuters.

    The US cable company is battling Rupert Murdoch’s 21st Century Fox to buy the broadcaster. Both bidders were given the green light to proceed by UK regulators earlier this month.

    The European Commission, which is scheduled to decide on Comcast’s offer by 15 June, cleared Fox’s bid last year.

  6. Kia recalls 507,000 cars in US

    KIA logo

    Kia Motors is recalling more than 507,000 vehicles in the US because of a glitch that may prevent air bags from deploying.

    It follows a National Highway Traffic Safety Administration (NHTSA) investigation which found airbags had failed to deploy in crashes involving cars made by Kia and its affiliate Hyundai. Four people were killed and six were injured.

    In total, the two Korean automakers have now recalled nearly 1.1 million US vehicles to address the issue.

    Kia's recall issued on Friday covers 2010-2013 Kia Fortes, 2011-2013 Kia Optimas and 2011-2012 Kia Optima Hybrid and Sedona vehicles.

  7. Wall Street rises

    US trader

    US stocks have turned positive after an uncertain start linked to uncertainty over the G7 meeting in Quebec.

    Analysts credited a sell-off in emerging markets that has sent investors in search of less risky bets.

    All three of the main indexes are up by about 0.1%, with the Dow Jones at 25,274.36 points, the S&P 500 at 2,773.31 and the Nasdaq at 7,639.96.

  8. BMW 'could face thousands of claims'

    Earlier we reported that BMW's delay in recalling UK cars with an electrical fault contributed to a driver's death, according to an inquest.

    A leading safety lawyer now says this finding could pave the way for "thousands of claims" against BMW.

    Zahra Nanji, from Leigh Day, pointed to comments from the DVSA chief executive, Gareth Llewellyn, suggesting BMW had failed to provide full and correct information about the electrical faults when they were initially identified.

    She also called for a more "robust" system of recalls and said a mandatory system was feasible (and would ensure safety came first).

    "Manufacturers are not held to strict time limits by the DVSA about how and when to effect a recall, nor is there a clear warning about potential sanctions for manufacturers who fail to commence a swift recall when safety concerns are raised. We believe this should change in the wake of this tragedy," she said.

  9. Is Nafta dead?

    BBC World

    Canada's finance minister Bill Morneau says his country wants to get back to the table with the US to discuss the North American Free Trade Agreement (Nafta).

    But he told the BBC recent US tariffs on steel are making that hard.

    "[The tariffs] obviously are damaging for Americans, their damaging for Canadians and as you mention Mexicans. We’d like to get back to talking about how we constructively deal with Nafta. That is important.

    "We see it as something that can create advantage for all three economies so we are at a difficult point, there’s no question about that but we think that common sense will prevail, that we’ll have the opportunity to talk about how we can move forward and that will be our agenda the next couple of days”

  10. Canada to challenge tariffs at G7 meeting

    BBC World

    Bill Morneau

    Canada’s finance minister has said the “ultimate goal” of the G7 meeting this weekend is “to express in no uncertain terms" his country's objections to US tariffs on steel.

    Bill Morneau told Talking Business that Canada wanted to work with the US constructively but that he did expect "some sharp words" in Quebec.

    “We do hope something will get done at the table today,” Mr Morneau said, adding: "Having strong trading relationships makes an enormous difference for citizens in both of our countries so we will be looking to move away from any sort of discussions of trade wars or tariffs."

  11. Inmarsat rejects takeover attempt

    Inmarsat launch

    UK satellite firm Inmarsat has rebuffed a takeover attempt from rival Echostar Corporation.

    In an announcement made after the market closed, the group said it had received a "highly preliminary and indicative non-binding proposal" from the US firm.

    It said that after carefully considering the proposal, the board rejected it on the basis that it "very significantly" undervalued Inmarsat.

    "The board remains highly confident in the independent strategy and prospects of Inmarsat," it said.

    Inmarsat shares surged as much as 13% on Friday as speculation mounted over a bid.

  12. FTSE 100 closes lower

    The London market has closed lower amid concerns about this weekend's G7 summit in Canada.

    It ended 0.3% lower at 7,681.07 points.

    Miners were among the worst performers, with Glencore, Evraz, Antofagasta and Fresnillo shedding between 2.6% and 6.4%.

    Standard Life bank lost 3.6% after its head of compliance quit amid allegations of inappropriate behaviour.

  13. Henri Lloyd goes into administration

    Henri Lloyd model

    Sailing fashion brand Henri Lloyd has gone bust, putting jobs at risk.

    The firm, which was founded in 1963 and counts the Duchess of Cambridge among its fans, has seven stores around the UK. It has also been sold in House of Fraser, which itself plans to shut 31 stores.

    RSM Restructuring Advisory, the appointed administrators, said Henri Lloyd had faced "challenging trading conditions on the high street".

  14. Verizon names new CEO


    Former Ericsson boss Hans Vestberg has been named as the new chief executive of US telecom group Verizon.

    He will succeed Lowell McAdam, who will stay on as executive chairman until the end of next year when he retires.

    Mr Vestberg, 52, takes over amid a wave of consolidation in the sector, with Sprint and T-Mobile seeking to merge and Verizon's main competitor, AT&T, trying to buy media giant Time-Warner.

  15. Apple to produce fewer smartphones this year - Nikkei


    Apple shares have slipped as much as 2% following reports that the tech firm expects to ship fewer iPhones this year.

    Quoting unnamed sources, Japanese newspaper Nikkei said Apple was expected to ship just 80 million new model iPhones in 2018 - 20% fewer than last year.

    It adds to concerns that consumer appetite for new editions of the famous smartphone may be cooling.

    Shares in the firm fell as much as 2%, while those in suppliers AMS and Dialog Semi sank 6% and 4% respectively.

    Apple has not commented on the claims.

  16. Watch: Striking lucky?

    View more on twitter

    For thousands of years, mankind had to rub sticks together, or bang together flints, if he wanted to make fire. Amazingly, it was only in the 19th Century that the match was invented, giving people flames on demand.

    The BBC's Aaron Heslehurst explains how it became a million dollar idea.