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Live Reporting

By Mary-Ann Russon and Lora Jones

All times stated are UK

  1. Good night

    BBC test card

    That's it from Business Live for today.

    But we'll be back bright and early from 06:00 on Monday morning with our usual mix of the latest breaking news and analysis from the business world.

    Do join us then.

  2. Why should I care if share prices fall?

    Kevin Peachey

    Personal finance reporter

    Stock market trader

    Big shifts in the stock market are often in the news, whether they are booms in the US or falls due to the coronavirus or the financial crisis.

    As companies grow, they issue shares. The largest companies in the UK have shares which are bought and sold on the London Stock Exchange.

    Their collective performance is often quoted amid a blizzard of numbers that may feel confusing and irrelevant. Rarely does anyone mention during a coffee with friends that the FTSE 100 has dropped well below 7,000 points.

    But there are good reasons why this performance affects your life and finances. Read more on those here.

  3. BreakingFTSE 100 sees biggest one-week drop since financial crisis

    London stock exchange

    The FTSE 100 closed down by nearly 13% this week as fears spread about the impact of the coronavirus outbreak on the global economy.

    This wiped £210bn off the value of shares listed on the UK's blue-chip index, including £58bn on Friday alone.

  4. Would you take a pay cut for your employees?

    Dan Price

    At 31, Dan Price was a millionaire. His card payments company, which he set up in his teens, had about 2,000 customers and an estimated worth of millions of dollars.

    But in 2015, he introduced a $70,000 minimum salary for all of his 120 staff at Gravity Payments - and personally took a pay cut of $1m. Five years later he's still on the minimum salary, and says the gamble has paid off.

    Read more on why Dan Price made that drastic move here.

  5. Periscopes for nuclear subs to be made in Glasgow

    The new fleet of submarines to carry the UK's nuclear weapons have a lifetime cost of £31bn

    A Glasgow-based company has won a £330m contract for work on the UK's next generation of nuclear submarines.

    Thales UK will build periscopes, sensors and sonar for the Dreadnought-class vessels.

    The periscopes - known officially as combat system masts - will be manufactured at Govan in Glasgow.

    The Thales facility in West Sussex will contribute technical input to the work. The sonar system will be developed in Somerset and Stockport.

  6. European stock markets fall further

    Stock market trader

    In London, the FTSE 100 index has dropped by another 4.3%, or by 290 points.

    With one hour of trading left this week, it puts the blue-chip index on track for its lowest close since July 2016.

    So what happens next?

    Connor Campbell, financial analyst at Spreadex, said: "The weekend may provide time for heads to cool, and allow investors to assess whether or not they want to re-enter the market at these new lows – after all, from a certain perspective the market is now far more approachable than when it was racing to all-time highs just last week.

    "Of course, that is only if the next few days aren’t filled with round after round of alarming headlines. From a market perspective, an explosion of cases in the US would likely be the most catastrophic turn the illness could take. Though that’s not to downplay the impact of the steadily increasing number of nations around the world now seeing their first cases of the coronavirus, each new country pushing us closer to a pandemic."

  7. Amazon bans fake coronavirus 'cures'

    Man in surgical mask carrying Amazon box

    Amazon has banned more than one million products which claim to protect against the coronavirus - or even cure it.

    The online retailer told Reuters it had also removed "tens of thousands" of overpriced health products from unscrupulous sellers.

    The World Health Organization expressed concern about some misleading Amazon listings earlier this month, including fake treatments.

    Have you bought surgical masks, disinfectant wipes or other products because of the outbreak? Or do you think some sellers are cashing in on the crisis? Let us know on bizlivepage@bbc.co.uk

  8. Travel firm blames coronavirus for holiday bookings drop

    Woman in airport

    UK travel company On The Beach has warned that it won't reach market expectations this financial year because of the coronavirus outbreak.

    The firm said it had seen "a small but noticeable reduction in demand" for summer holiday bookings.

    It said that the reduction accelerated as the coronavirus outbreak spread throughout Europe in an announcement on the London Stock Exchange.

    On The Beach added that the group's full-year results for the year to 30 September 2020 will now be "below current market expectations" down to the outbreak, and that it expects it will cause "significant disruption for some time."

  9. Wall Street falls again

    Wall Street sign

    Wall Street has slumped on opening.

    In the first 10 minutes of trading, the Dow Jones Industrial Average fell by 482.83 points, or 1.87%, to 25,283.81.

    The S&P 500 dropped 64.88 points, or by 2.18%, to 2,913.88.

    The Nasdaq Composite dropped 164.11 points, or by 1.92%, to 8,402.37 at the opening bell.

    Investors are worried the coronavirus impact could spark a global recession.

    The news of more coronavirus cases, notably in Italy, has raised concerns of a much larger economic effect than previously expected.

  10. US trade gap 'narrows, but for the wrong reasons'

    Wall Street traders

    More in on how the coronavirus outbreak could be disrupting global markets.

    New data on international trade in goods by the United States shows that the trade deficit narrowed last month. That's the difference between the value of goods the US imports from other countries and how much it exports.

    Gregory Daco, chief US economist at Oxford Economics, said: "With imports sinking faster than exports, the trade deficit narrowed an unexpected $3.2bn in January 2020. Existing tariffs, easing US demand and coronavirus disruptions to supply chains will keep trade weak in 2020."

    Mr Daco added: "Nominal goods exports lapsed back into negative momentum at -1.0% year-on-year, dragged down by a drop in oil prices and weakness in capital goods sales. Imports remain mired in a deep contraction at -3.9% year-on-year, with petroleum likely playing a large role as industrial supplies imports fell sharply in January."

  11. London Tube workers to vote on Easter strikes

    Tube worker on strike in 2017

    Thousands of Tube workers are set to be balloted for strikes in a long-running dispute over pay.

    A ballot of 10,000 staff across London Underground has been moved by the Rail, Maritime and Transport (RMT) union after more than a year of negotiations.

    The union said London Underground had failed to produce an offer on pay that meets the "very reasonable" demands of the workforce.

    The RMT said it was "angry and frustrated" at the delays over negotiations.

    Read more on the story here.

  12. More UK companies affected by coronavirus

    People in central London wearing masks

    As of Friday, a total of 132 companies listed on the London Stock Exchange have warned that the coronavirus outbreak has impacted their business and is likely to affect their profit outlooks for 2020.

    According to Bowmore Asset Management, concerns about the effects of coronavirus on the markets over the last 10 days has caused a significant shift from risky assets to "safe haven assets".

    This movement could continue for a while, as seen by on Thursday, US stocks were sold off so sharply on the Dow Jones Industrial Average that it caused the worst one-day point drop in history.

    “Investors with a long-term horizon need to avoid the temptation to exit the market," said Charles Incledon, client director at Bowmore Asset Management.

    “Past corrections show that big sell offs are followed by rallies that quickly make back a large amount of the ground that has been lost; however, it is hard to time that.

    “Some sectors that may be more heavily sold, such as oil and gas, and travel, could present real opportunities to buy at significantly lower levels.”

  13. House prices rise at fastest rate for 18 months

    Row of terraced houses

    According to the building society Nationwide, UK annual house price growth increased at the fastest rate for 18 months in February.

    It increase from 1.9% last month to 2.3%, the strongest rate seen since July 2018. The cost of the average home now stands at £216,092.

    Analysts said that the housing market ground to a halt late last year, but after a decisive general election result things are picking back up.

    Howard Archer, chief economic advisor to the EY Item Club, said: "Mortgage approvals in December were likely to have been lifted by increased confidence and reduced uncertainties following the decisive general election result.

    "Mortgage approvals for house purchases had earlier fallen back for three successive months to be at a seven-month low in October, indicating that activity was being pressurised by heightened uncertainties over the domestic political situation and Brexit."

    But he added: "While we suspect that the housing market may get a further near-term boost from reduced uncertainties, we remain relatively cautious over housing market prospects over the whole of 2020 and suspect that the upside will likely be limited."

  14. Coronavirus 'leaves gig economy workers penniless'

    Deliveroo rider

    The GMB union has warned that workers in the gig economy could be at a disadvantage if they have to self-isolate due to the coronavirus outbreak.

    Mick Rix, GMB national officer, said: "The threat of coronavirus is a huge problem for employers and worker across the UK.

    "But workers in the so-called gig economy, or on zero-hours contracts, are left abandoned and penniless if they have to self-isolate.

    "Once again the bogus self-employment model is screwing over the disadvantaged.

    "GMB is calling on all employers - regardless of the contract– to do the right thing and pay their workers if they have to take time off due to the global health crisis."

    Read this guide to your rights at work if you need to self isolate.

  15. Property firm disputes hotels' over-supply claims

    Colliers said Edinburgh remained one of the UK's best performing hotel markets

    Property consultancy Colliers International has disputed warnings by Edinburgh hoteliers that the capital is suffering from an over-supply of rooms.

    The Edinburgh Hotels Association (EHA) reported recently that growth in hotel numbers and short-term letting sites such as Airbnb were having a "negative impact" on occupancy and room rates.

    It argued over-supply had left some businesses in a "fragile state".

    But Colliers said the city was one of the UK's best performing hotel markets.

  16. Volkswagen strikes 'dieselgate' compensation deal

    VW logo

    Car maker Volkswagen and a major German consumer group have reached an agreement in a class action lawsuit over the emissions scandal.

    VW has agreed to pay an €830m (£709m) settlement to the Federal Association of Consumers (VZBV), a court in the northern city of Brunswick said on Friday.

    The case was among the first of its kind in Germany. Because of a new draft law in 2018, consumer rights groups became able to represent customers taking companies to court - and to bear their costs.

    VZBV said that families had been badly affected by the emissions scandal as they were stuck paying for the financing on existing diesel cars even after returning them, and if they wanted to get a new car, they'd have to pay a second lot of financing as well.

    VW disclosed in 2015 that it had used illegal software to manipulate the results of diesel emissions tests.

  17. Coronavirus costs 'could well be a lot higher'

    Theo Leggett

    BBC International Business Correspondent

    British Airways plane

    Of all the businesses affected by the coronavirus, airlines and travel companies are among the hardest hit.

    It's a combination of factors. In some cases airlines have effectively been obliged to cancel services, because of warnings against all but essential travel issued by governments. Major international carriers have suspended normally busy routes to Chinese cities, for example.

    On other routes, there are no such recommendations - but passenger numbers have dropped off because people are simply less willing to fly than usual. Some are staying at home for fear of contracting the virus; others are worried about being stranded abroad and forced into quarantine if they happen to come into contact with an infected person.

    Tales of people being forced to spend weeks confined to cabins aboard cruise ships or barricaded inside hotels hardly make people want to go on holiday, while the cancellation of major industry events such as the Mobile World Congress in Barcelona and the Geneva Motor Show will have had a big impact on business travel.

    IAG and EasyJet have joined other companies such as Air France-KLM, Lufthansa and Qantas in warning that this will cause them financial pain. Last week, the International Air Transport Association put the potential cost of the outbreak to the global industry at $29.3bn this year.

    But that figure was based on the centre of the crisis remaining in China. It is now clear that the impact is being felt much more widely - so the costs could well be a lot higher.

  18. The inside story of the Barclays trial

    Ex-Barclays bankers Roger Jenkins, Thomas Kalari and Richard Boath
    Image caption: Roger Jenkins, Thomas Kalari and Richard Boath (left to right) were acquitted on all charges in under six hours

    The acquittal of three former Barclays executives is the only time a jury has ruled on criminal allegations against senior bankers for events in the 2008 financial crisis.

    The senior executives in this trial, which started in October - Roger Jenkins, 64, Tom Kalaris, 64 and Richard Boath, 61 - were not the top bosses of Barclays.

    Instead, they were between one and four ranks down from the board of directors in the bank's structure.

    The allegations centred on a giant fundraising exercise in 2008 which enabled Barclays to escape the nationalisation forced on its competitors, RBS, Lloyds and HBOS.

    Read more on the story behind the Barclays trial from BBC economics correspondent Andy Verity.