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  1. US stocks tumble, Dow Jones plunges
  2. Crude prices fall amid OPEC meeting
  3. Ericsson admits software glitch in O2 data outage
  4. FTSE 100 closes down 3.5%
  5. Gambling firms agree ad ban
  6. Get in touch:

Live Reporting

By Dearbail Jordan

All times stated are UK

  1. Good night

    Test card

    That's it from Business Live.

    Thank you for joining us today. We'll be back bright and early at 6.00am on Friday.

  2. BBC exposes scale of online academic cheating ads

    YouTube has a ban on all essay-writing adverts
    Image caption: YouTube has a ban on all essay-writing adverts

    YouTube has deleted thousands of videos promoting academic cheating in the last week after a BBC Trending investigation.

    The videos all advertised essay-writing services, which can lead to serious penalties for students.

    Facebook and Google have been asked by a regulator to stop making money from adverts for these companies.

    All the social media companies say they are taking steps to discourage dishonest behaviour.

    Read more here.

  3. O2 update: 3G will be 'fully restored' by 9:30pm

    This just in form O2:"Our 3G data service is returning and we anticipate it will be fully restored by 9.30pm this evening.

    "Our technical teams will continue working hard with Ericsson engineers to restore 4G which will bring us back to full network service.

    "We will update our website and social media channels as soon as we have more information. We’re sorry for the loss of service our customers have experienced today."

  4. US markets claw back ground at close

    US stock market trader

    It was a turbulent day on Wall Street, as fears about US-China trade tensions and global growth continued to mount..

    At point point all three main indexes were down by more than 2%. However by the end of trading they had all regained at least some ground, with the Nasdaq closing higher.

    The Dow Jones Industrial Average ended the day at 24,949.02, a fall of 78.05 points or 0.31%.

    The S&P 500 was at 2,688.88, down 11.18 points or 0.41%.

    And the tech-heavy Nasdaq was up 29.83 points or 0.42% at 7,188.26.

  5. Oil prices stay in the red


    Meanwhile, US crude prices remain down for the day.

    West Texas Intermediate is off 2.15% at $51.53 a barrel. Brent crude is 2.23% lower at $60.14.

    Prices are expected to volatile on Friday when OPEC holds a meeting with non-members, including Russia, in Vienna to potentially agree a production cut.

  6. US exports more oil than it imports for the first time

    Oil field

    New data released on Thursday showed that last week America exported more crude oil than it imported - the first time this has happened, according to the US Energy Department whose figures go back to 1973.

    Adding up all imports and exports of crude, the US exported a net 211,000 barrels per day in the week to 30 November.

    Kyle Cooper, a consultant at ION Energy, asked: "So when does the US send a delegate to OPEC meetings?

    "It's really quite amazing. I do think that will occur more and more often in coming years."

  7. Ottawa had advance notice of Huawei arrest

    Canadian Prime Minister Justin Trudeau

    Canada's Prime Minister Justin Trudeau says that Ottawa had a few days advance notice that the arrest of Huawei's chief financial officer Meng Wanzhou was going to happen.

    Ms Meng is the daughter of Ren Zhengfei, who founded the controversial Chinese telecoms group.

    Ms Meng was arrested in Canada on Saturday. America is seeking extradition of Ms Meng over possible violations of US sanctions against Iran.

    That same weekend, the US and China were meeting at the G20 summit in Argentina to discuss the ongoing trade war between the two countries. They agreed to a 90-day truce.

    Mr Trudeau said: "The appropriate authorities took the decisions in this case without any political involvement or interference."

  8. HSBC monitor reported suspicious Hauwei transactions - report

    Huawei sign

    The Wall Street Journal is reporting that a federally-appointed monitor at HSBC flagged suspicious transactions in the accounts of Huawei Technologies to US prosecutors seeking the extradition of the Chinese telecom equipment maker's chief financial officer who was arrested in Canada on 1 December.

    The monitor, who evaluated HSBC’s anti-money-laundering and sanctions controls, gave information about Huawei transactions to federal prosecutors in the Eastern District of New York, according to the Wall Street Journal.

    The monitor was installed by the Department of Justice as part of a deferred prosecution agreement after HSBC settled claims that lax controls allowed Mexican drug traffickers to launder cash through the bank.

  9. US stocks claw back ground

    The Dow Jones Industrial Average has erased some of its earlier falls and is now down 367.26 points, or 1.4%, at 24,659.81.

    The Nasdaq has also clawed back some ground and is now down 0.24% at 7,140.94.

    The S&P 500 is down 1.59% at 2,657.14.

  10. Unilever bids adieu to marketing chief

    View more on twitter

    Another senior person at consumer goods giant Unilever is retiring.

    This time, it is chief marketing officer Keith Weed who is leaving the Marmite-maker after 35 years.

    He says: "It's with a happy and heavy heart that I've decided to retire from Unilever in April. It's been over a year in planning with exciting challenges to follow."

    Last month, chief executive Paul Polman announced that he would retire and will be replaced by Alan Jope.

    It came less than two months after Mr Polman's plan to change Unilever's structure was scrapped in the wake of shareholder criticism.

  11. O2 and Ericsson issue joint apology

    Quote Message: I want to let our customers know how sorry I am for the impact our network data issue has had on them, and reassure them that our teams, together with Ericsson, are doing everything we can. We will continue to work with Ericsson, through the night, who have assured us that a full service will be restored for customers by the morning. We fully appreciate it's been a poor experience and we are really sorry." from Mark Evans chief executive at Telefonica UK, parent company of O2
    Mark Evanschief executive at Telefonica UK, parent company of O2
    Quote Message: The cause of today's network issue is in certain nodes in the core network resulting in network disturbances for a limited number of customers across the world, including in the UK. We have been working hard on resolving the UK data issue since early this morning. The faulty software that has caused these issues is being decommissioned. Our priority is to restore full data services on the network by tomorrow morning. Ericsson sincerely apologises to customers for the inconvenience caused. from Marielle Lindgren chief executive of Ericsson UK & Ireland
    Marielle Lindgrenchief executive of Ericsson UK & Ireland
  12. One million barrels or bust

    Oil barrels

    OPEC is yet to release any details of a plan to cut oil production, pending a meeting on Friday with the likes of Russia.

    But a reduction of anything less than one million barrels per day (bpd) just isn't going to cut the mustard, according to Bjornar Tonhaugen, head of oil market research at Rystad Energy.

    He says: "We believe a cut announcement that effectively removes anything less than one million bpd of 2019 supply would be interpreted negatively by the market."

  13. O2 and Ericsson to do 'full audit'

    BBC News

    Ericsson's headquarters in Stockholm, Sweden
    Image caption: Ericsson's headquarters in Stockholm, Sweden

    Telefonica UK's chief executive Mark Evans is being careful not to criticise Ericsson which supplies telecoms network equipment to O2, whose customers are suffering a data outage.

    "This is the first problem we've had of this nature with this software," he tells BBC News.

    But he adds: "What we will now do is a full audit, a thorough audit, across both organisations to ensure whatever steps can be taken will be taken to provide the continuous service that our customers expect and deserve."

  14. O2 pledges to 'make it up to customers'

    Asked whether O2 customers who have been affected by today's data outage can expect compensation, Telefonica UK boss Mark Evans, tells BBC News: "Today, I've been speaking to many of out customers and they've expressed their frustration to me, understandably. But they have also said to me the priority is the restoration of the network so our sole focus has been on precisely that.

    "That said, O2 will find a way of making it up to our customers," he says. "But at this stage I don't want anything to detract from the restoration of our network."

  15. Ericsson 'gives assurances' O2 network will be 'fully restored'

    BBC News

    O2 sign

    The O2 data failure has been going since 5am on Thursday morning.

    Telefonica UK boss Mark Evans says: "I recognise the impact that we've had on our customers' lives but we have had hundreds of people from [network equipment supplier] Ericsson and O2 working around the clock to identify the issue and resolve the problem.

    "We are confident we know what the issue is. We are starting to restore the network this evening and we are confident - Ericsson has given me assurances - that by tomorrow morning it will be fully restored."

  16. BreakingO2 network to 'fully recover' by Friday morning

    Mark Evan, chief executive of Telefonica UK
    Image caption: Mark Evan, chief executive of Telefonica UK

    Mark Evan, chief executive of Telefonica UK, which is the parent company of O2, tells BBC News that the company is sorry for the network problems that have left its customers without data.

    He says: "We are slowly but surely starting the restoration of our network so that we can get back to a full recovery by tomorrow morning."

  17. Saudi 'not confident' of output cut deal

    Saudi Arabia's oil minister Khalid al-Falih

    When that was short-lived.

    Oil prices are heading back down on reports that Saudi Arabia's oil minister Khalid al-Falih said OPEC is not confident of reaching an agreement with Russia to cut output during a meeting with non-OPEC on Friday.

    "No, I am not confident," he said.

    "We're still debating the distribution" of any possible cuts, he said.

    Brent crude is down 3.93% at $59.14 a barrel and West Texas Intermediate is off 3.65% at $50.96.