Howard Mustoe
business reporter

That's all for this week. We will be back on Monday from 06:00, so join us then. 

Shares on Wall Street were mixed today after those positive jobs figures in the US - and the assumption they strengthen Janet Yellen's hand for a December rate rise.

• The Dow Jones closed 0.3% higher at 17,911.
• The S&P 500 index covering more companies closed flat at 2,099.
• The Nasdaq Composite, focused on tech stocks, added 0.4% to 5,147.

Magellan Midstream Partners said about 1,000 barrels of crude oil spilled from one of its pipelines in a rural area in Oklahoma on Thursday evening. The pipeline was quickly shut down and isolated, the company said in an email. Damage to the pipeline was related to someone damaging it while digging near it, Magellan said. The incident is under investigation.

  BBC Scotland business and economy editor tweets:

Image source, Getty Images

So, what's President Obama's reasoning for rejecting Keystone XL? Well, building the pipeline from Canada would have encouraged a grade of oil with harmful environmental impacts, the White House said. Building a pipeline project that would "incentivize the extraction of some of the dirtiest oil on the planet" would undermine the administration's climate change plan, White House spokesman Josh Earnest told reporters at a daily briefing. Here's a bit of background from the BBC website.

Image source, AFP

Video game maker Activision Blizzard, home of the Diablo and Call of Duty series, will set up a TV and film studio to make shows based on its games. Movies based on video games don't have a great track record - the Final Fantasy movie reportedly lost more than $50m. So good luck Activision. 

Image source, AP

Canadian Prime Minister Justin Trudeau is "disappointed, external" with the US rejection of a plan to build a pipeline connecting the Alberta oil sands to US Gulf Coast refineries, he says. But not too disappointed: "The Canada-US relationship is much bigger than any one project and I look forward to a fresh start with President Obama to strengthen our remarkable ties in a spirit of friendship and cooperation." 

Image source, Reuters

Drug firms Merck and Eli Lilly say they are being probed by the US Attorney's Office in Pennsylvania, among other regulators, over drug pricing practices. Merck is being investigated over for its asthma inhaler product, Dulera, while Eli Lilly said it was being probed over the company's drug pricing. Drug pricing has been a point of criticism from Democratic presidential candidate Hillary Clinton in the past few weeks.

Image source, Reuters

Shell points out that there are at least three alternative pipeline projects to TransCanada's Keystone XL. So for the oil industry, all is not lost. The firm would like to see one of them approved, however. "So Keystone has been on for seven years now, so of course, it's brought into the uncertainty window," said Lorraine Mitchelmore, president of Shell's Canadian business. The Uncertainty Window sounds like a horror series from the 1950s to us, but we get what she means.

US non-farm jobs grew by 271,000 in October, the largest rise since December 2014, boosting the dollar. The higher dollar dragged down mining shares as commodities priced in dollars mean thinner profits for them. The FTSE 100 dropped 0.2% at 6,353.83.

• Glencore fell 4.7% and Anglo American and Antofagasta fell 1.7% and 0.3% each.
• IAG was a rare winner, adding 3.7% after it said it was targeting average annual earnings per share growth of more than 12% between 2016 and 2020. 

Bloomberg has cast the decision as a victory, external for environmental groups. “This is a big win,” May Boeve, executive director of the climate activist group 350.org, told the newswire in an emailed statement. Supporters said the pipeline would create jobs. TransCanada, the firm which proposed the pipeline, tried to halt the review on Monday. This was seen as an attempt to try to get approval from a new president after Mr Obama leaves office in early 2017. The request was knocked back soon after by the State Department.

Image source, TransCanada

That's it for the Keystone XL oil pipeline. The proposed project has been canned by US President Barack Obama seven years after it was first posited. "The State Department has decided the Keystone XL pipeline would not serve the national interests of the United States. I agree with that decision," Mr Obama said. The pipeline's proposed route is in blue.

Image source, EPA

Volkswagen said last month it planned to cut €1bn in investment spending. In light of that, the company's works council, which represents employee interests, says it wants talks with executives now about what the impact will be. "So far we have only seen individual measures, but management has so far not presented an overall concept," works council chief Bernd Osterloh said in a letter to VW employees.

Those jobs figures in the US - and the assumption they strengthen Janet Yellen's hand for a December rate rise - have sent stocks down in New York trading. The Dow Jones industrial average lost 0.3%, to 17,818. The Standard & Poor's 500 index declined 0.5%, to 2,088 and the Nasdaq composite slid 0.5%, to 5,103.

We mentioned Norwegian singer Aurora earlier today. And the fact that she's not particularly that well known in the UK yet. Want to know more about her? We're here to help.

If you're a John Lewis fan you'll know what we did with the headline there. Now, we're not talking about the adverts' ability to make you blub. More their impact on the careers of musicians. Very few people are likely to have heard of Norwegian singer Aurora in the UK but we can expect to see and hear much more from her over the next couple of months. Ever heard of Ellie Goulding? Had you heard of her before 2010 when she sang on the John Lewis Christmas ad? Come on, be honest. 

Image source, Getty Images

Shares in miner BHP Billiton have slid almost 7%, and it remains the FTSE's largest loser, after a dam burst at a mining waste site in Brazil, which BHP part-owns with Vale. Julia Carneiro, the BBC's Rio Correspondent, emailed: 

The cause of the burst is still being investigated.

Howard Mustoe
business reporter

Good afternoon and welcome to the last working hours of Friday. Stay with us until 21:30 and get in touch: bizlivepage@bbc.co.uk 

The number of new US jobs created in October rose by a very health 271,000 in October, compared with 142,000 in September and above the 180,000 that had been forecast by analysts.

The number is significant if only because US Federal Reserve chair Janet Yellen made clear earlier this week that employment data was one of the key metrics the US central bank was watching before it would make a decision to raise interest rates for the first time in nine years. The case for a December rate rise just got a whole lot stronger.