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Summary

  1. Brent crude falls below $40 a barrel for the first time since early 2009
  2. Anglo American to shed 85,000 jobs in radical restructure
  3. Many savers getting virtually no interest: FCA
  4. CBI berates failure to decide London airport expansion
  5. UK manufacturing output falls in October

Live Reporting

By Matthew West

All times stated are UK

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  1. That's all folks

    BBC test card

    That's it for another day. Thanks for sticking with me into the evening. Tomorrow brings the promise of Stagecoach's interim results and the latest British Chambers of Commerce economic forecast. And the Treasury Select Committee will be hearing evidence from economists on the chancellor's Autumn Statement and Spending Review. 

  2. Katy Perry top earning musician of 2015

    Katy Perry

    We know what you're thinking. Thank goodness it wasn't Justin Bieber. And she beat Taylor Swift, which takes some doing.

    That's right - Katy Perry is this year's top-earning musician, according to Forbes' annual list. It follows the conclusion of her 17-month Prismatic World Tour for which she earned $135m, seeing her jump from 23rd place last year. 

    UK export One Direction come in at number two after their On the Road Again Tour and album release, with earnings of $130m. 

    But there are also some surprises on the list: country music star Garth Brooks came in third place, while 1970s rock group the Eagles managed to beat Beyonce.

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    Video caption: Katy Perry is the top-earning musician of 2015, according to Forbes' annual list.
  3. Spotify signals beginning of end of free music

    Taylor Swift

    In a move that could signal the beginning of the end of free music streaming Spotify has told music executives it is planning to allow some artists to start releasing albums only to its 20 million-plus paying subscribers. As a result, it will withhold the music temporarily from Spotify's 80 million free users.

    The Wall Street Journal  says the company is initially trying the new approach as a test.

    But even on an experimental basis, it is a big reversal for Spotify. Until now it has always argued that its free, ad-supported service needed to have all the latest tunes so that it could compete with free sites such as YouTube.

    Spotify's problem of course is that some artists get a bit testy about how much it pays them to stream their music free to its subscribers. Taylor Swift removed all of her music from the  streaming service last year and has yet to return.

  4. Russia seeks IMF meeting over Ukraine debt

    Well this didn't take long (and shouldn't really come as much of a surprise). Russian Finance Minister Anton Siluanov has said this evening that his government will be seeking a meeting of the International Monetary Fund's board of directors to decide whether Ukraine's debt to Moscow should be considered official rather than commercial. 

    That's after the IMF's official spokesman Gerry Rice said earlier that the Fund was to change its lending rules. The decision has a direct effect on a $3bn (£1.99bn) debt Ukraine has with Russia.

     "The IMF management has confirmed to us the official status of the debt," Mr Siluanov told reporters. "Now we intend to initiate a meeting of the board of directors of the Fund for a formal confirmation of the status of the debt." 

  5. 80 Boston College students ill after Chipotle night out

    Chipotle

    Boston College has said eighty students have been taken ill after eating at a Chipotle Mexican Grill restaurant this weekend.

    The company has temporarily shut the restaurant but said the outbreak was not caused by E. coli. 

    Chipotle made headlines last month after an E. coli outbreak linked to its burrito chain.

    It said the Boston illnesses were caused by norovirus, rather than E. coli, and that it would not shut any more of its outlets in the city.

    The college said on Monday that thirty students had taken ill after eating at the restaurant in Boston's Cleveland Circle.

    The November  E. coli outbreak affected nine US states and has raised concerns about the fast-growing company's continued success and the damage to its brand.

  6. KL airport seeks 'abandoned jets' owner

    EPA

    Officials at Malaysia's main airport have taken out a newspaper advert seeking the owner of three Boeing 747 jets they say have been left unclaimed.

    The notice said if the owners "fail to collect the aircraft within 14 days..., we reserve the right to sell or otherwise dispose of the aircraft".

    It said fees for landing and parking were also owed.

    An airport official was quoted as saying they had tried to contact the jets' last known owners.

    "I don't know why they are not responding. There could be many reasons. Sometimes it could be because they have no money to continue operations," Zainol Mohd Isa, general manager of Malaysia Airports, told AFP.

  7. Morgan Stanley to axe 1,200 jobs

    Morgan Stanley will announce plans to axe 1,200 jobs, including about 470 banking and trading jobs in its fixed-income division, sources have told AFP.

    The cuts amount to 25% of the staff in the division that trades corporate bonds, treasury bonds, commodities and foreign exchange, with the other 730 affected staff working in support functions, the source said.

    The total jobs facing the axe represent a little over 2% of Morgan Stanley's 56,000 workers. 

    Morgan Stanley plans a $150m charge in the fourth quarter in connection with the restructuring, a spokesman for the US bank said.

    In an internal memo to staff seen by AFP, Morgan Stanley executives Colm Kelleher and Ted Pick said the job cuts "will result in businesses that are critically and credibly sized for the current market, while maintaining the ability to deliver for our clients across products and geographies." 

    Shares of Morgan Stanley are down 1.9% today.

  8. IMF to change lending rules

    The International Monetary Fund is set to change its lending rules to allow it to keep supporting countries if they fail to repay official creditors.

    That's according to IMF chief spokesman Gerry Rice. 

    The change would help Ukraine, for example, if it misses payments on a $3bn (£1.99bn) debt to Russia. 

    "The IMF's executive board met today and agreed to change the current policy on non-toleration of arrears to official creditors," chief spokesman Mr Rice said in a statement.

    More details will be provided in coming days. 

  9. Chanel apologises over Shetland knitwear

    Designer Karl Lagerfeld

    Fashion house Chanel has apologised to a Shetland knitwear designer over similar garments at their 2016 preview show that she was not credited for.

    Buyers visited Mati Ventrillon in Fair Isle earlier this year and said anything they purchased would be for research purposes only.

    However, near identical sweaters then appeared in a recent Chanel show.

    Chanel said it resulted from a dysfunctionality within its teams and apologised.

  10. Peppa Pig maker shares plummet

    Peppa Pig

    Entertainment One has had another bad day on the London stock exchange. Its shares ended the day 20% lower after it announced a refinancing deal that will significantly increase its interest repayments last Friday. Shares in the production company fell 15% on Monday. In total £300m has been wiped off the company's share price in the last two days. The new seven year £285m debt deal announced last week comes with a 6.8% interest rate compared with 4.3% for the previous credit agreement.

  11. FTSE closes down on Anglo woes

    London's blue chip FTSE 100 index has closed down 88.3 points at 6135.2. No prizes for guessing what the worse performing stocks were today. Anglo American shares closed down more than 12%, Rio Tinto shares also closed down more than 8%. 

  12. Star Wars gets 12A rating

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    Hat tip to the Daily Mail website which appears to have been first out of the gate to spot this... and point out the obvious flaws the rating being applied. Star Wars: The Force Awakens has been given a 12A rating by the British Board of Film Classification. Apparently there are a number of dog fights between space ships and aliens using blasters all of which have given the BBFC cause for concern.

    It's unlikely to dent the takings at the box office however. The film smashed advance ticket sales a long time ago (you can add in a galaxy far far away if you want but we won't make you). 

  13. Flood affected homes to receive Council Tax relief

    An estimated 5,000 households and businesses forced out of their properties by flooding in Cumbria and Lancashire are to be given relief from council tax and  business rates, the Government's Cobra emergency committee has agreed.

  14. US shares pare losses as oil price rises

    We're still in negative territory on the Dow and S&P 500 but things are nowhere near as bad as when the US markets opened almost two hours ago. The Dow has halved its earlier losses and is down around 90 points now or just 0.5%. The S&P is down just 0.25% and the tech heavy Nasdaq has turned positive - up 0.14%. 

  15. Oil price back above $41

    So... after all that drama the oil price has started to creep back up. In fact Brent crude is currently trading at $41.07 per barrel. Earlier today it had slipped below $40 per barrel.