Steven Mnuchin

Facebook to face US Senate over crypto-currency

Facebook cryptocurrency
Reuters

Facebook is facing a very busy, and likely contentious, day when it appears in front of the US Senate Banking Committee about its proposed new crypto-currency Libra.

David Marcus, a former president of PayPal who is spearheading Libra, will answer questions on Tuesday against a chorus of doubts about the safety of the crypto-currency, including from US Treasury Steve Mnuchin.

Meanwhile, scammers on Facebook will be targeted with a new tool designed to identify fake adverts on the social networking site.

It has been funded by Facebook as part of a legal settlement with Martin Lewis, founder of the MoneySavingExpert website, who took legal action after his name and photo being used on fake adverts.

Steven Mnuchin v Maxine Waters: Treasury secretary clashes with congresswoman
Congresswoman Maxine Waters clashes with Treasury Secretary Steven Mnuchin over his dismissal.

Good morning!

Welcome to Business Live.

Patisserie Valerie remains in focus today as more than 2,000 staff wait to hear whether they will keep their jobs. KPMG is currently searching for a buyer for around 130 of the cafe chains outlets after the company called in administrators.

The World Economic Forum continues and today's big names to appear at Davos include Chancellor Philip Hammond, US Treasury Secretary Steve Mnuchin and French Economic Minister Bruno le Maire.

Daily Mail & General Trust is among the companies reporting results this morning, as are mining giant Anglo American and posh tonic water maker Fevertree.

As always, we'd love to hear from you. Contact Business Live at bizlivepage@bbc.co.uk

Jared and Ivanka to join Trump

Jared and Ivanka
AFP

Of course, Donald Trump isn't going to Davos alone.

Treasury secretary Steven Mnuchin will lead the delegation which includes Mike Pompeo, Secretary of State and Wilbur Ross, Secretary of Commerce as well as Robert Lighthizer, United States Trade Representative.

Ivanka Trump and Jared Kushner will also be there.

Mnuchin 'would stay for second Trump term'

Steve Mnuchin
Getty Images

US Treasury Secretary Steven Mnuchin says he'd be happy to stay in his job if Donald Trump is elected for a second term.

In an interview with Bloomberg, he said: "I foresee myself here at least through the first term and if the president wants me here for a second term when he’s re-elected, I would seriously entertain that.”