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Live Reporting

By Daniel Thomas

All times stated are UK

Good night!

That's all from Business Live for tonight - thanks for reading.

We're back tomorrow at 06:00, so do join us then.

New record highs for Wall Street

Congress broke their deadlock to end the three-day government shutdown and helped send Wall Street to fresh record highs on Monday.

The Dow Jones Industrial Average gained 0.5% to 26,209.2, while the S&P 500 rose 0.8% to 2,832.9, while the Nasdaq added almost 1% to 7,408.

BreakingNetflix reels in subscribers

Claire Foy and Matt Smith star in The Crown
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Claire Foy and Matt Smith star in The Crown

Netflix added more international subscribers than expected in the fourth quarter as the streaming service provider kept viewers hooked with critically acclaimed shows such as The Crown and Stranger Things.

Netflix signed up 6.36 million subscribers outside the US, compared with analysts' estimate of 5.1 million, according to data and analytics firm FactSet, bringing the total to 8.33 million.

Shares jumped almost 8% in after hours trading in New York after touching a record $227.79 on Monday.

Macron's charm offensive

Emmanuel Macron
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Europe's biggest software company, SAP, says it will spend up to €2bn investing in French start-ups.

Emmanuel Macron is on a charm offensive to attract more foreign investment to France, and the German firm made its announcement after some 140 business leaders held talks with the president at the palace of Versailles (pictured).

After the same meeting, Facebook said it would also boost investment in France while Google boss Sundar Pichai promised to open four AI research hubs:

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Bacardi takes control of Patron tequila

Patron tequila
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Bacardi, which happens to be the world's biggest privately owned spirits company, is buying the company that makes the top-selling high-end tequila for just over $5bn.

Bacardi took a significant majority stake in Patrón Spirits a decade ago and the two companies have worked closely together since then.

The deal makes Bacardi the top spirits maker in the "super-premium" segment of the US market and the second largest spirits company in market share by value.

Bacardi also owns brands including Grey Goose vodka, Bombay Sapphire gin and Dewar's Scotch and was founded in Santiago de Cuba in 1862.

Show me the money Mark...

The Guardian's Mark Sweney tweets on Murdoch's challenge to Facebook:

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Latest Greece debt relief package agreed

Greek flag
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Eurozone finance ministers have approved another 6.7bn euros in bailout cash for Greece after Athens pushed through fresh economic reforms.

It is the latest tranche of Greece's third financial rescue package since 2010, as the country recovers from a severe debt crisis that almost brought down the euro.

EU Economic Affairs Commissioner Pierre Moscovici said 2018 would be "a decisive year for Greece".

"This will be the year when Greece finally leaves this long period of financial assistance, marked by very hard tests for the Greek people, but which allow Greece to emerge stronger and more resilient."

L'Oreal hijab model pulls out of campaign after backlash

Amena Khan

UK beauty blogger Amena Khan says she's pulling out of a L'Oreal campaign.

In a post on Instagram she says she's stepping down from the campaign "because of the current conversations surrounding it".

Her decision follows the discovery of tweets she wrote in 2014, which have been branded as "anti-Israel".

It comes just days after she told Newsbeat she was delighted to be the first woman in a hijab to be part of a mainstream advert for hair care.

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Murdoch tells Facebook to pay up

Rupert Murdoch
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Media mogul Rupert Murdoch has called on Facebook to pay "trusted" news publishers a fee for posting their content in a similar way to the model used by cable TV companies.

Murdoch's News Corp owns newspapers including the Times and the Sun in the UK and the Wall Street Journal in the US.

His remarks come days after Facebook chief executive Mark Zuckerberg said the social media firm would prioritise "trustworthy" news in its feed by identifying high-quality outlets and fighting misinformation.

"Facebook and Google have popularised scurrilous news sources through algorithms that are profitable for these platforms but inherently unreliable," Mr Murdoch said. "The remedial measures so far proposed by Facebook and Alphabet Inc's Google were "inadequate, commercially, socially and journalistically."

More than 10% of new cryptocurrency 'gets stolen'

A bitcoin
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More than 10% of funds raised through initial coin offerings are lost or stolen in cyber-attacks, research by Ernst & Young suggests.

The consultancy analysed more than 372 ICOs, in which new cryptocurrencies like Bitcoin are distributed to buyers, and found about $400m (£286m) of the total $3.7bn raised to date had been stolen.

It comes amid a cryptocurrency investing craze, with young companies raising hundreds of millions of dollars online to fund their projects, and speculators driving prices up to dizzy heights.

Paul Brody, a blockchain expert at EY, said: “We were shocked by the quality of some of the white papers, we see clear coding errors and we see conflicts of interest between the companies issuing tokens and the community of token holders.”

Grayling: no guarantees

Susan Hulme

Parliamentary correspondent

Carillion crane
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Transport Secretary Chris Grayling says he "can't give an absolute guarantee" that there will be no delays or cost increases to major transport projects following the collapse of Carillion.

However, he told MPs on the Commons Transport Committee that workers - including apprentices - were being transferred to other providers in projects across the rail network, Highways England and the HS2 rail project.

Mr Grayling said he did not believe any work had been halted beyond "two or three days", adding: "What I've seen so far gives me comfort that a very major investment programme is going to continue largely unchanged."

Why did Kenya ban avocado exports?

World Business Report explains...

Davos explained: In 90 seconds
The World Economic Forum kicks off its meeting in Davos, and this year Donald Trump will be among the attendees.

Dollar flags

A dollar note and pound coin
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The dollar is still flagging despite Republicans and Democrats approving a temporary funding bill that halts the US government shutdown.

The greenback has lost 0.7% against the pound to £0.71640 and 0.2% against the euro to 0.81670 euros.

The Senate vote to approve the temporary bill was 81-18 - although it still has to grant final approval of the bill and send it back to the House of Representatives for a vote.

BreakingKPMG staffers charged

KPMG sign

The US Securities and Exchange Commission and Justice Department have charged former staffers at a US audit watchdog, alleging they gave confidential data to KPMG to help the company clear regulatory inspections.

The charges allege that former officials at the Public Company Accounting Oversight Board told KPMG about upcoming inspections of the company's audits, beginning in 2015 and continuing until February last year.

Three former staff members at the Board, some of whom later joined KPMG, were charged, as well as three KPMG executives who allegedly encouraged the use of stolen information.

Jaguar Land Rover to reduce production at Halewood

A range rover
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Britain's biggest carmaker Jaguar Land Rover will scale back production at its Halewood plant later this year in response to weakening demand.

The Indian-owned firm said the temporary move was due to Brexit and tax increases on diesel cars.

Jaguar Land Rover's sales in Britain and Europe were flat in 2017 and it expects tough conditions to continue, the company's sales director said earlier this month.

The plant near Liverpool builds Range Rovers and is one of three Jaguar Land Rover production sites in Britain.

Dow hits record high

The Dow Jones index has set a new record high after US senators reportedly reached a deal to halt the government shutdown.

It ticked above 26,153.42 before slipping back to 26,151.15 .

BreakingSenate deal 'to halt government shutdown'

The Capitol building
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US Senate Democractic leader Chick Schumer says he has come to an arrangement with Republican leader Mitch McConnell on a funding bill that will end the government shutdown.

News of the temporary deal lifted US stocks. The Dow is up 3%, the Nasdaq 0.7%, and the S&P 500 0.4%.

The insects fighting hunger

BBC World Service tweets...

FTSE 100 closes lower

Man looks at share chart
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The FTSE 100 has closed 0.3% lower at 7,708.82.

The biggest faller was Paddy Power Betfair, which like other gaming companies was hammered by reports that the maximum stake on fixed-odds betting terminals would be slashed.

Other fallers included pest control business Rentokil, down 3.1%, and data business Relx, which lost 2.8%.

The FTSE 250 was almost flat at the bell, at 20,647.34, although betting firm William Hill lost 10.5%.

Uncrupulous directors will be prosecuted - McVey

BBC personal finance correspondent tweets...

In an urgent question in the House of Commons, Labour asked the Secretary of State for Work and Pensions Ester McVey what she would do to stop directors drawing bonuses after they realise a company is in financial distress.

It follows the crisis at construction giant Carillion, which collapsed under £1.5bn of debt.

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View more on twitter
View more on twitter

Hedge funds increase pressure on Xerox

Carl Icahn
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US hedge fund managers Carl Icahn and Darwin Deason have again called on copier and printing giant Xerox to shake up its business.

On Monday, the pair – who own more than 15% in Xerox – urged the firm to explore “strategic alternatives”, which according to reports might involve a sale of the firm.

They also reiterated demands made last week for chief Executive Jeff Jacobson to be replaced and new board members be elected.

The investors are angry about losses at a joint venture with FujiFilm in Asia following an accounting scandal. They also say Mr Jacobson is incapable of creating “long-term value” for shareholders.

Another gloomy forecast for UK property market

A for sale sign
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UK house prices are unlikely to grow in 2018, Fitch says.

The ratings agency said average prices would be flat with price falls expected in London and the South East. It blamed "Brexit uncertainty, stretched affordabliity and low income growth”.

The only housing markets assessed by Fitch with a worse outlook for 2018 were Greece, where it forecast a 2% decline, and Norway, where prices could dive 5%.

US stocks unflustered by shutdown

the New York Stock Exchange
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Wall Street stocks are slightly higher despite the continued federal government shutdown.

A short while ago the Dow Jones index was up 0.1%, the S&P 500 by 0.1%, and the tech heavy Nasdaq by 0.4%.

Patrick O'Hare of financial news site said: "The game of political brinkmanship has been played so many times now that market participants aren't going to be unnerved too greatly at this stage of the game."

Hundreds of thousands of federal workers were unable to work today after the US Senate failed to reach a temporary budget deal to keep the government open.

Some employees will not be paid until the stalemate is resolved.

Too many left out of growth, says IMF boss
Too many people are still being left out of the global recovery, says IMF's Christine Lagarde.

'Difficult changes to make'

Matt Davies, head of Tesco in the UK and Ireland, said: "We recognise these are difficult changes to make but they are necessary to ensure our business remains competitive and set up for the future.

"Our priority now is to support affected colleagues through these changes in any way we can."

Some 900 new roles with broader remits will be created and Tesco hopes to retain "as many staff as possible".

The retailer has axed thousands of jobs in recent years as part of a turnaround plan.

Tesco says 1,700 jobs at risk

Tesco sign
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Tesco is to cut 1,700 jobs from its shop floor as part of a cost-cutting drive.

The retailer said would try to find alternative roles within the business for those affected.

Roles including people managers, customer experience managers and compliance managers will be removed from large stores in an effort to "simplify" its operational structure.

Instead, it said line managers would be given more "direct accountability" for customer service

The challenge for Dixons' new boss

Carphone logo
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In its trading update, the outgoing boss of Dixons Carphone Seb James reiterated the intention to make Carphone Warehouse "a simpler, less capital intensive model".

"This almost certainly means store closures, says Neil Wilson, senior market analyst at ETX Capital.

What does this mean for Alex Baldock, the new chief executive of Dixons Carphone?

Mr Wilson says: "Mr Baldock has great experience in turning around Shop Direct and tends to favour an online-first approach – he may cut the store footprint far more radically than Mr James would have done."

IMF says risks remain

Countries should should feel encouraged by strengthened growth around the world but not satisfied, said IMF chief Christine Lagarde.

"First of all there are too many people who are left out of that recovery - in fact about a fifth of emerging and developing countries saw their per capita income decline in 2017.

"Second, this is clearly mostly a cyclical recovery and absent continuous reforms... the scars from the crisis - the low productivity, the aging population and on and on... all of that will continue to weigh on medium term prospects."

She also warned of rising debt levels in many countries and urged policy makers to be vigilant.

IMF upgrades world growth outlook

IMF MD, Christine Lagard
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The world economy is growing faster than expected, thanks partly to recent tax cuts in the US, the IMF has said.

The latest update of the Fund's World Economic Outlook (WEO) revised the global growth forecast to 3.9% this year and next - two-tenths higher than its previous estimate in October.

However, it warned exuberant financial markets could be due for a correction.

Speaking ahead of the World Economic Forum in Davos, IMF boss Christine Lagarde said: "Global growth has been accelerating since 2016 and all signs point to a continuous strengthening of that growth."

However, she said complacency was a risk.

Apple's Tim Cook keeps nephew off social media

Tim Cook, Apple CEO
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Apple chief executive Tim Cook has said he does not want his nephew to be on a social network.

His comments come as a survey suggests the wider British public is becoming increasingly distrustful of Facebook, Twitter and YouTube.

The platforms have all acknowledged problems in recent days.

One expert suggested technology companies should face tougher regulations despite their efforts to resist the prospect.

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Kenya bans avocado exports

World Business Report tweets...

Richemont makes online move in luxury market

Richemont stand
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Richemont, which owns Cartier and Montlbanc, has offered €2.8bn to take full control of Yoox Net-a-Porter (YNAP).

YNAP was formed by the 2015 merger of luxury discounter Yoox with Net-a-Porter.

Analysts say there are a couple of factors motivating the deal. Buyers of luxury goods are more comfortable buying goods online, plus it could make Richemont less reliant on third-party sellers of its watches.

Calling IT workers...

Do you work in IT support? Do you work in a hospital? Has that affected your health at all?

We'd like to hear from you.


Peugeot boss 'will not close UK plants'

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Unite's general secretary Len McCluskey said today's meeting with Peugeot boss Carlos Tavares about Vauxhall was "helpful".

He said: "Carlos Tavares repeated his desire not to close UK plants, which is reassuring. He also talked of working with Unite to construct a roadmap for future operations in the UK, again encouraging."

He says he remains optimistic "that we can work constructively with PSA, albeit with the uncertainty and confusion caused by Brexit being a consideration for the company".

Mr McCluskey said: “That is why I will also be pressing the business secretary Greg Clark, to ensure that the UK government does all it can to create the climate for PSA investment.

"I will be seeking a meeting with the secretary of state on this as soon as possible because there is no time to lose. The three parties – PSA, Unite and the UK government – must work together now to give our plants a future.”

A bridge too far?

Apple iPhone X
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Has Apple shot itself in the foot with the iPhone X?

Its newest smartphone retails for more than £1,000 and now a second Wall Street firm has downgraded its rating on Apple's shares due to expectations of weaker sales for the three months to March.

Atlantic Equities said it sees "signs that iPhone demand is starting to soften", there is "limited visibility into the potential for future iPhone cycles" and that there are "emerging challenges to the smartphone's dominance at the centre of consumer technology".

Last week, Longbow Research lowered its rating on forecasts that Apple will ship fewer iPhone in 2018.

Peugeot to work with union on Vauxhall's future

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Vauxhall has issued a statement regarding the meeting between Carlos Tavares, boss of its owner Peugeot and Len McCluskey, general secretary of the union Unite.

It said the meeting "was an opportunity to establish a frank and constructive dialogue in order to study how to regain the competitiveness of the Vauxhall manufacturing sites in the UK".

It said Mr Tavares "proposed to implement the principle of co-construction with the Unite union, in order to define a roadmap to rebuild the industrial performance of the Vauxhall factories in the UK in a reasonable manner".

"Mr Tavares emphasised that, among other stakeholders, the Unite union's support for this process is essential to rebuild the Vauxhall industrial footprint, to make it progress and to ensure its sustainability in the new context of the Groupe PSA.

"Further meetings are planned to quickly move this recovery plan for Vauxhall's manufacturing sites to the highest level of performance, after years of degradation and in line with the PACE! recovery plan."

Estate agents hit with fines under money-laundering regs

London Skyline
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UK estate agents are being hit with big fines under rules designed to stop money laundering, reports Business Insider.

Under laws introduced in 2017, estate agents are required to do checks on both the buyers and sellers of properties. The onus is on estate agents to perform "appropriate audits" the report says.

The article says that details of the fines have not been given, but says they involve six-figure and seven-figure sums.

Don't panic

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Ed Smith, head of asset allocation research at Rathbones, reckons there is no need for anyone to lose their heads over the US government shutdown.

He says: "I believe investors shouldn't get too panicked. It's important to remember that financial markets barely blinked at the last two shutdowns in 1995/96 and 2013."

The dollar has clawed back some ground on sterling but is off 0.23% making one dollar worth 71.9p.

Sterling is trading up 0.32% on the greenback at $1.38980.

Required reading for Davos

Elton John`
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Heading to the World Economic Forum in Davos?

Here's a list of all the blogs the organisers reckons attendees should be reading including lessons on leadership from Sir Elton John who will be at the gathering this year.

He writes movingly and candidly about the Elton John Foundation and about what he learned in his recovery from alcohol and drug addiction.