Chinese insurance firm Anbang has abandoned its $14bn bid for Starwood Hotels, ending a bidding war with Marriott, media reports say.

The US state is set to be the first to raise its minimum wage $15 per hour after a proposal passed both houses of the state legislature.

The new mandatory National Living Wage comes into force, requiring employers to pay workers aged 25 and over at least £7.20 an hour.

While more than a million workers will be celebrating a pay rise as a result of the National Living Wage, 1 April will see a raft of price rises too.

Japan's stocks open lower on Friday as a key gauge of business confidence at big manufacturing firms comes in weaker than expected.

Chinese tech giant Huawei sees its profits jump 33% in the full year to December boosted by demand for its consumer products.

Tesla unveils its much-anticipated Model 3 electric car saying it will cost $35,000 and have a range of at least 215 miles (346km) per charge.

Co-op Bank's annual pre-tax losses more than double to £610m, from £264m in 2014.