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  1. FTSE 100 jumps, sterling slips
  2. Uber's London licence appeal to be heard in May or June
  3. Labour may move BoE to Birmingham
  4. BAE Systems wins £5bn Typhoon order
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Live Reporting

By Mary-Ann Russon

All times stated are UK

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Good night!

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All good things must come to an end, and that's it from us for tonight.

But don't fear - we'll be back bright and early at 06:00 on Tuesday with all the latest business news. Do join us then.

Wall Street rises

US flag
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Wall Street ended higher as investors prepared for an expected Federal Reserve rate rise this week.

The Dow Jones Industrial Average rose 0.23% to 24,386 points, the S&P 500 gained 0.32% to 2,659.9 points, while the Nasdaq Composite added 0.5% to 6,875.

What could possibly go wrong...?

As BBC North America technology correspondent Dave Lee quips: "This is definitely a good idea". Hmmmm.

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Oil prices jump

Kinneil terminal at Grangemouth
Mat Fascione
The Forties pipelines takes oil to the Kinneil terminal at Grangemouth

Oil prices rose on Monday following the closure of the Forties pipeline for repairs.

Brent crude rose about 2% to $64.69 a barrel, while US crude futures added 1% to $57.99.

The pipeline, which can carry 450,000 barrels per day of crude from the North Sea to the Kinneil processing terminal in Scotland, has been operating at reduced capacity for about four days before the shutdown.

"It is a supply concern not only because the pipeline transports a significant portion of North Sea crude oil output, but also because it may take weeks before the issue is resolved," said Abhishek Kumar at Interfax Energy's Global Gas Analytics in London.

The market had expected the pipeline to return to service quickly and was surprised by the extended shutdown, said John Kilduff at Again Capital in New York: "It's a significant amount of crude oil in a market that has been the tightest for crude oil."

Kaluuya's Golden Globe shock

Daniel Kaluuya
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Daniel Kaluuya is one of several British actors and film types nominated for a Golden Globe for his breakout performance in Get Out.

"I'm shocked ... disbelief ... what a surreal experience to be embraced by the community against innumerable odds," he said on Monday after the nominations were revealed in Los Angeles.

"Get Out was born out of the genius mind of Jordan Peele to whom I will be forever grateful for believing in me and allowing me to help him tell a story so dear to him. A true once in a lifetime experience. Salute to the cast, crew and King Peele."


Jack Boothby

Scotland could offer visitors a rival to the Danish concept of Hygge, according to VisitScotland.

The tourist body says the concept of Còsagach, which it defined as a feeling of being snug, sheltered or cosy, could be one of the trends of 2018.

It's a close parallel to Hygge, a lifestyle trend in the UK in recent years, says VisitScotland.

It says Còsagach - an old Gaelic word - is about encouraging businesses to create environments that "induce a feeling of warmth or cosiness" for tourists.

More here.

Richard Branson reignites row with Willie Walsh

Richard Branson with Virgin Atlantic air stewardesses
Virgin Atlantic

Sir Richard Branson has reignited a long-running row with Willie Walsh, the chief executive of British Airways owner IAG.

In 2012, Mr Walsh bet that Virgin Atlantic would no longer exist in five years' time. Sir Richard disagreed.

"Although people might be amused to see me give Willie a low blow, I ideally have no wish to do so. So to settle this matter once and for all, and in the spirit of Christmas, I suggest he donates £1 million to Virgin Atlantic’s team," Sir Richard wrote in a blog post.

"If he doesn’t agree then we’ll just have to agree a time, date and place for the knee in the groin…"

Virgin Atlantic still exists, although it is now owned by Delta Airlines and Air France-KLM, after Sir Richard gave up majority ownership in July.

Ryanair pilots in Dublin vote to strike

Ryanair aeroplane at an airport

Ryanair pilots in Dublin have voted for strike action, after the airline declined to open negotiations over labour contracts.

Ryanair said it had not received formal notification of a strike, and no date for the walkout has been announced.

It added that the unspecified industrial action was backed by less than 28% of around 300 pilots based in Dublin for the airline.

According to RTE, most of the 84 pilots directly employed by Ryanair voted for strike action over employment rights.

How much will you spend on your children this Christmas?

How do Birmingham's financial credentials measure up?

The two bulls of Liverpool and Wall Street
Getty Images, BBC

With plans mooted to move part of the Bank of England from London to Birmingham, could the second city's landmark bull be set to give the charging bovine of Wall Street a run for its money?

Probably not. But the move - put forward by Labour - would continue Birmingham's history as a city at the centre of financial progress.

Birmingham was once home to the world's oldest mint - founded in 1794 - creating currency for more than 100 governments.All modern coins can be traced back to those first produced in the city.

Meet South Africa's first black female winemaker

Mattel warns of gloomy times ahead

Barbie doll and horse toy
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Mattel has revised its outlook for the year, warning that continuing negative trends in holiday sales could lead to an "additional gross margin deterioration".

The troubled toymaker said in a US Securities and Exchange Commission filing that its operating income margin for Q4, excluding severance expenses, is expected to be significantly lower than the same period in 2016.

The holiday shopping season, which dates from the week of Black Friday until the end of the year, makes up between 35-40% of the toy industry's sales.

'A liar and a hypocrite'

BBC media editor Amol Rajan has penned some thoughts about Max Clifford, who died yesterday. Warning: they may not all be entirely positive.

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Who are America's poor?

Graph showing working-age adults in the US who live below the poverty line

Millions of jobs have been created in the US economy, but many Americans still live in poverty. Who are they?

For nearly six years, the US economy has been generating huge numbers of jobs: nearly two million a year.

Not only has the economic recovery replaced the total number of jobs lost during the Great Recession - which followed the bursting of the housing bubble in 2007 - but it has added enough to account for a growing population as well.

Read more here.

Why is Apple buying Shazam?

Shazam app

Scan your eyes over Apple's just-published list of the year's most popular iPhone apps, and there's one notable omission: Shazam.

In fact, it's been a while since the song-identifying software squeezed its way into the iOS App Store's top 10.

So, why has Apple confirmed it is "combining" its business with that of the smaller London company?

Apple could want the app to improve Siri - read more here.

The City could lose 10,500 jobs

People walk along the Thames with the London skyline in view
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The City of London could lose 10,500 highly skilled jobs, as firms shift operations out of Britain by the first day of Brexit, according to Ernst & Young.

EY's Brexit Tracker, which monitors 222 financial services firms, shows that banks, asset managers and brokers are now expecting client facing and "front office" roles to leave Britain because of Brexit.

The jobs will likely be moved to cities such as Frankfurt, Amsterdam and Dublin.

BreakingApple confirms Shazam deal


Apple has confirmed that it is buying the UK music recognition app Shazam.

While Apple was not forthcoming on how much it is paying for Shazam, technology news website TechCrunch says the company could pay as much as $400m (£299.5m).

Apple said Shazam would be a "natural fit" with its music streaming service and it would help users discover new songs.

A spokesman for Apple said Shazam "is used by hundreds of millions of people around the world, across multiple platforms. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today's agreement".

Record child demand at food banks

Record numbers of children are expected to be fed by food banks this Christmas, the UK's largest food charity The Trussell Trust has warned.

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London closes slightly ahead

London Stock Exchange
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The FTSE 100 has closed up 0.8% or 59.5 points at 7453.48, pushed up by the weaker pound.

The index was led by advertising giant WPP, which was up 2.5% to trade at £13.74.

The biggest loser was Costa Coffee and Premier Inn owner Whitbread, down 2.8% to trade at £38.82 after its chief executive said the coffee and hotel chains are not yet ready to stand alone.

Meanwhile, the FTSE 250 ended up 0.4% or 72 points to 20064.62.

Hochschild Mining led the winners, up 7.2% to trade at 237.8p, while the top loser of the index was TalkTalk, down 9.8% to trade at 139.3p on the news that it will be forced to cut its dividend payout next year to meet its debt covenants.

BreakingBritish spot gas surges on pipeline closure

British wholesale spot gas prices have surged 22% on the news that the Forties pipeline in the North Sea has been shut down to repair a crack.

Typically in the summer when the entire Forties system is taken offline for annual mainterannce, the UK loses around 43.7 million cubic metres of gas supply.

Prior to the Forties announcement, gas prices were already rising, as demand lifted due to gas shortages as temperatures plunged.

Lufthansa changing how air miles are awarded

Lufthansa Group
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Lufthansa Group has announced that it is changing how air miles are awarded to passengers on Lufthansa, SWISS, Austrian, Brussels Airlines and Eurowings.

From March 2018 onwards, the assignment of award miles will be based on the price of the flight, instead of the booking class and the length of the route.

Customers will receive four to six award miles per euro spent, while members with frequent flyer status will receive six award miles per euro on flights with Lufthansa, SWISS and Austrian Airlines as well as with United Airlines and Air Canada.

This means that the bonus award miles that status members receive for flights with the network airlines and transatlantic joint venture partners will double to 50%.

BreakingForties pipeline shut

Chris Johnston

Business reporter, BBC News

Forties pipeline
Getty Images
Ineos bought the Forties pipeline from BP earlier this year

The Forties pipeline, which carries 40% of North Sea oil and gas, is being shut down to repair a crack, its operator Ineos said on Monday.

Contractors discovered a small crack in the pipe near Netherely last week.

Flows were reduced last week after the leak was first discovered. "A 300 metre cordon was set up, a small number of local residents were advised to leave and the pipe was depressurised," Ineos said.

"Despite the depressurisation, the crack has widened from 106mm to 155mm and the incident team ... have now decided that shutting the pipe for a short period is the safest way forward."

The Forties pipeline is the largest of the five North Sea crude streams used to set the price of Brent and carries an average of 450,000 barrels of oil a day.

Are funding rules holding UK inventors back?

The government's innovation agency is said to be unconstructive.

UK-based inventors say they are being held back by difficulties in getting funding for their ideas.

We've been to meet inventors in Berkshire and Hampshire to see the creations that may never hit the market.

Sterling still down

Sterling is continuing to tread water, despite news that Brexit negotiations will move forward following the European Council summit on 6 December, which suggests that there is still unease amongst traders.

The pound is now down 0.16% against the dollar at $1.33680.

Sterling is also down 0.61% on the euro at €1.13190.

Winners and losers on the Dow Jones

Mickey Mouse at the New York Stock Exchange
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The Dow Jones is now slightly higher, up 0.18% or 43.4 points to 24,372.56.

The index is being boosted by Disney, which is up 1.47% on the news that it is reportedly in the final stages of finalising a deal to acquire Fox's film and TV production assets.

Pharmaceutical firm Merck & Co is also up 0.86%, after announcing an agreement to be the exclusive multinational distributor of Avanti Polar Lipids' life science research supplies outside the US.

Meanwhile, Boeing is the top loser, down 0.88%, on Friday's announcement that the American aeroplane manufacturer has given up on a deal to sell 18 fighter jets to the Canadian government.

Wall Street mixed on open

Wall Street
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US shares had a mixed open on Monday, following the news that there was an explosion at New York's Port Authority bus terminal near Times Square.

The Dow Jones is down 0.05% or 11.5 points to 24,317.64, led by Disney, which is up 0.8% to trade at $105.09. Coca-Cola heads the losers, down 0.73% to trade at $44.98.

The S&P 500 is up 0.05% to 2,652.70, led by telecoms firm CenturyLink, which has signed a five-year contract to provider data networking products for the Commonwealth of Pennsylvania.

And the tech-heavy Nasdaq has risen 0.24% or 16.7 points to 6,856.75, headed by Riot Blockchain, which has announced it intends to merge with blockchain payment firm TessPay.

Mortgage safety net 'disappearing'

Kevin Peachey

Personal finance reporter

A residential housing estate

Ministers should consider strengthening the safety net for homeowners struggling to pay their mortgage, a report suggests.

Help for this group introduced in response to the financial crisis will be largely withdrawn by 2022.

Academics, commissioned by lenders' trade body UK Finance, said the government should review its position.

Read more here.

Good afternoon

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Thanks to Ben and Russell for this morning's live coverage of all things business.

Mary-Ann Russon with you until 21:30 for the rest of the day's news and views from Britain and beyond.

Got a point of view? Tweet me at @concertina226 and @BBCBusiness

10,500 jobs could be lost in financial services - report

City of London
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Financial services firms plan to move 10,500 jobs out of the UK due to Brexit, reports the Guardian, quoting figures from the accountancy firm EY.

EY has been running a jobs tracker that looks at jobs announcements.

Last year it was forecasting that 12,500 jobs would be lost as a result of Brexit.

EY says that contingency plans by firms had become more detailed over the past year, reports the Guardian.

Turkey grows

Hagia Sophia in Istanbul,
Getty Images

Here's some economic growth data to make UK Chancellor Philip Hammond weep. Turkey's GDP grew at an eye-watering 11.1% in the third quarter, official data shows. It was the fastest expansion in six years.

Growth was driven by construction and services as well as a strong rise in exports, the Turkish Statistics Institute says.

Turkey's President Recep Tayyip Erdogan said last month that "no one should be surprised" if growth for the year was around 7%.

It's not all rosy, though. Inflation in November hit its highest annual rate in 14 years at 12.98%. The Turkish lira has also taken a battering, losing 13.5% of its value against the US dollar since September.

Bank of Brum would "drum home" important message

John McDonnell

Shadow Chancellor John McDonnell has formally launched a report suggesting that parts of the Bank of England could be moved to Birmingham.

The idea, first reported in the Financial Times, would be to create a "new economic policy hub".

The report also suggests that bank offices could be set up in Glasgow, Cardiff, Belfast, Newcastle and Plymouth. And it recommends locating a new National Investment Bank in the West Midlands.

The shadow chancellor says the study "drums home the message that our financial system isn't delivering enough investment across the whole country".

Splitting up the Bank of England isn't official party policy yet, but Mr McDonnell has said in the past he liked the idea.

Keylogger found on some HP laptops

HP laptop

Hidden software that can record every letter typed on a computer keyboard has been discovered pre-installed on hundreds of HP laptop models.

Security researcher Michael Myng found the keylogging code in software drivers pre-installed on HP laptops to make the keyboard work.

HP said more than 460 models of laptop were affected by the "potential security vulnerability".

It has issued a software patch for its customers to remove the keylogger.

The issue affects laptops in the EliteBook, ProBook, Pavilion and Envy ranges, among others. HP has issued a full list of affected devices, dating back to 2012.

Steinhoff shares rise

Poundland shop

Shares in Steinhoff have staged a partial recovery, jumping 18% on hopes that the retailer's lenders might help bolster its battered finances.

The South African company, whose brands include Poundland and Harveys Furniture in the UK, disclosed accounting irregularities last week, sending the shares tumbling by 80%.

Steinhoff said in a statement: "The group is asking for and requires continued support in relation to existing facilities from all its lenders to achieve an immediate stabilisation of the group's financing."

The company, listed on stock markets in South Africa and Frankfurt, has hired US investment bank Moelis & Co to advise on a recovery plan.

Pound falls back against the euro

Pound euro

The pound is looking a bit deflated against the euro.

It has lost more than half a euro cent to trade at €1.1331.

Traders say that comments by the Brexit Secretary David Davis over the weekend have helped undermine the pound.

On Sunday Mr Davis said the deal struck by Theresa May last week, to move to the next phase of Brexit talks, was a "statement of intent" and not "legally enforceable".

And if the UK failed to get a trade deal with the EU then it would not pay its divorce bill, which the Treasury says will be between £35bn and £39bn.

Advice for BA passengers

This from travel expert Simon Calder:

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'Mass starvation' is humanity's fate

Cows Texas
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It must be hard being Guardian columnist George Monbiot. In his most recent column he says he is (literally) kept awake at night worrying about food scarcity.

"I am plagued by visions of starving people seeking to escape from grey wastes, being beaten back by armed police."

He argues that the world's growing population will put stress on soil, water and the oceans.

"Mass starvation" is humanity's fate, his article says.

The answer?

Well one solution according to Mr Monbiot, is to stop eating meat, as livestock farming is a poor use of the earth's resources.

Fund management industry 'arrogant and complacent'

Canary Wharf

The Times has an interview with Chris Sier, the chairman of the institutional disclosure working group... Hey wait come back! This is important.

He has been tasked by regulators to make the fund management industry more transparent and he's not holding back.

In the Times article he describes the industry as "arrogant and complacent" and estimates it is extracting £35bn a year in excessive charges from pension funds.

He says that fund management firms have been very reluctant to explain their charges.

Uber appeal to be heard in the spring

Uber app

Uber's appeal against Transport for London's decision not to renew its licence won't be heard until the spring.

Parties for both sides appeared at Westminster Magistrates' Court on Monday for a case management hearing.

A full appeal hearing is expected to take place in either May or June next year, with a date yet to be set.

In September TfL refused to renew Uber's licence on the grounds of "public safety and security implications".

Some 3.5 million passengers and 40,000 drivers use the service in London, according to Uber.

HSBC boosted by US news

News that a US deferred prosecution agreement hanging over HSBC is being lifted helped push the bank's shares up more than 1.5%.

But the FTSE 100's main risers were commodities firms, with Rio Tinto and Anglo American up almost 2.5%.

Easyjet, down 1.79%, is the main faller after the airline - like other operators - faced disruption from the bad weather.

The FTSE 100 is up 0.64% at 7,440.9 points. Here are the main risers and fallers:

chart of FTSE's main risers/fallers

S Korea in Bitcoin change of heart?

South Korea's finance minister says that relevant ministries are in talks to decide whether trading of bitcoins should be regulated.

In September the country banned raising money through all forms of virtual currencies, and said trading of such currencies are not part of the nation's financial system

But Kim Dong-yeon said on Monday: "We're looking at its speculative nature, as well as situation in other countries as we review."