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Summary

  1. London market posts eight consecutive day of falls
  2. Report suggests Aggreko may be about to withdraw from bid to supply power to Rio Olympic Games
  3. Sinking oil price casts doubt on Shell merger with BG Group
  4. Reckitt Benckiser ordered to withdraw products in its Nurofen pain relief range from Australian shelves

Live Reporting

By Russell Hotten

All times stated are UK

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  1. Post update

    That's all for tonight.The Livepage returns as usual at 06:00 tomorrow.

  2. Alfa Romeo could return to F1 racing

    Juan Manuel Fangio comes out of a bend at speed during the race, driving a 1.5 Liter Alfa Romeo

    Fiat Chrysler chief executive Sergio Marchionne says the company would like to bring Alfa Romeo back to Formula One. Giuseppe Farina and Juan Manuel Fangio (above) won the first two Formula One titles while driving for Alfa Romeo but the company has been out of the sport since the 1980s.

    Mr Marchionne, who is also Ferrari's chairman, told the Reuters news agency: "It's incredible how the Alfa Romeo brand remains in people's hearts. That's why we're thinking about its return to racing, as our competitor, in Formula One.''

  3. Wall Street ends higher

    Wall Street closed up on Monday as oil prices ended the day higher despite earlier falls. The Dow Jones industrial average rose 0.6%, the S&P 500 gained about 0.5% and the Nasdaq Composite added 0.4%.  

  4. Euro-committee rejects emissions rules

    The European parliament's environmental committee has voted against new car pollution rules it says are too lenient in the light of the Volkswagen scandal which exposed loopholes in existing emissions tests.

    New EU rules proposed in October would allow vehicles to carry on emitting more than twice official pollution limits, after many of the 28 member states demanded leeway to protect their car industries.

    The committee voted 40 to 9 against the proposals.The full EU parliament is expected to vote on the Commission proposals in January.

  5. Nurofen ban explained

  6. Wall Street markets update

    US stocks were up slightly in afternoon trading, rebounding from last week's slump with help from a reversal in oil prices, which settled higher in Monday's session. 

    The Dow Jones rose 41.02 points, or 0.24%, to 17,306.23, the S&P 500 gained 2.95 points, or 0.15%, to 2,015.32, and the Nasdaq added 3.04 points, or 0.06%, to 4,936.51. 

    Five of the 10 major S&P sectors were lower, led by the materials sector's 1.9% fall. DuPont shares were down 4% after the company agreed on Friday to merge with Dow Chemical in a $130bn deal. Dow Chemical was down 4.65%.

    Newell Rubbermaid fell 7.3% after news it was paying more than $15bn for Sunbeam and Coleman products maker Jarden Corp.

  7. Samsung in last minute appeal over Apple damages

    iPhone and Samsung phones

    Samsung is going to the US Supreme Court in a last-ditch appeal over more than $548m in damages it must pay Apple for infringing the patents and designs of the iPhone. 

    The South Korean's company's petition must first be accepted for review by the Supreme Court. It is the latest step in a long-running patent lawsuit between the rival companies.

    Samsung was scheduled to pay damages to Apple today, according to papers filed with the a lower California federal court on 3 December.

  8. Robert Peston's sense of humour

  9. China joins EBRD

    The European Bank for Reconstruction and Development has accepted China as a member, handing the world's second-biggest economy investment routes into Europe, Africa and Middle East. 

    Founded in 1991 to aid central and east European states emerging from Soviet rule to make the transition toward market economies, the EBRD now oversees development projects in 36 countries, including Ukraine, Egypt and Mongolia.

    Most stakeholders in the bank, jointly owned by its 64 member nations, the European Union and the European Investment Bank, are European countries.

  10. Old Mutual and Investec regain some ground

    Ashes

    Last night's, erm, surprise decision by South African president Jacob Zuma to sack the finance minister he appointed on Thursday and reinstate the one he sacked last year (do keep up) sent the rand up about 5%. The currency had tumbled last week in response to the political turmoil, and taken shares in London-listed Old Mutual and Investec with it. Both companies have big business units in South Africa. 

    Old Mutual closed 1.3% higher on Monday, but is still down 16% over the past three sessions. Investec (which sponsors the Ashes) did a bit better, adding 8.4% today, but is still down more than 17% since last Thursday.

  11. 'Extremely serious' responsibilities...

    Sports Direct

    It's taken a while, but Sports Direct has finally got around to issuing a statement in response to this afternoon’s debate in the House of Commons in which it was heavily criticised.

    "Sports Direct believes it's in compliance with minimum wage regulations and takes its responsibilities extremely seriously."

    Errr, that's it. 

    Shares fell another 2% today, bringing the declines over the past three sessions to 23.5% in the wake of the Guardian's revelations about the retailer.

  12. Oil jitters

    David Donabedian, chief investment officer at Atlantic Trust in Baltimore, comments on the market jitters on both sides of the Atlantic in recent days.

    Quote Message: There are three things that have raised anxiety and volatility in the equity markets: one is oil and whether the continued deflation there is signaling a global lack of demand for maybe not just oil, but for everything. What has happened in the credit markets recently is also a big deal, and all of those issues emerging on the doorstep on the Fed getting ready to raise interest rates."
  13. Newell Rubbermaid shares slide

    Ouch. Shares in Newell Rubbermaid have fallen 11% in New York after it made a bid for Jarden, which owns consumer brands including Breville and Sunbeam, for $13.2bn. Investors seem concerned that Newell may be taking on too much debt and that the deal could be hard to digest. 

    Shares in Jarden were up 1%. 

  14. Oil price recovers - slightly

    US crude rose more than 2% Monday, recovering after moving within a hair of 11-year lows. Earlier in the day, both Brent and US crude futures fell by as much as 4% to their lowest levels since the start of the 2008 financial crisis. 

    Brent futures for January delivery were up 29 cents, or 0.8%, at $38.22 a barrel. US crude rose 75 cents, or 2.1%, to $36.37. 

  15. Hoverboards and Amazon

    Personal finance correspondent Simon Gompertz tweets:

  16. US rate rise: will they, wont they?

    Quote Message: The Fed will have made a spectacular hash of things if they don’t hike this week. All recent significant communications have pointed towards a hike and the data has been strong enough to confirm this expectation. No one can claim they haven’t seen some raising coming and investors have prepared accordingly, so the hike itself is unlikely to cause a big market reaction. But there are still important questions around how the Fed manages the market’s expectations about what the future holds... The US, and world, has taken a very long time to get over the financial crisis which is why interest rates have been so low for so long. But unemployment has fallen significantly, there are tentative signs that wage growth is picking up, and the interest rate required to ultimately stabilise the economy in the long run is probably higher than people think at the moment. If the Fed emphasises this more upbeat message, then we could see a large reaction as the market has to adjust its expectation for how quickly rates go up in 2016. from Luke Bartholomew Investment manager, Aberdeen Asset Management
    Luke BartholomewInvestment manager, Aberdeen Asset Management
  17. FTSE 100 touches 10-week lows

    FTSE 100 graph

    The FTSE 100 touched 10-week lows, falling 1.32% as oil and mining shares continued to suffer from tumbling commodity prices. Royal Dutch Shell fell 2.4% and BP was down 2.6%. Shares in miners Glencore, BHP Billiton , Antofagasta, Anglo American and Randgold Resources were down 2.1% to 6.3%.

    London's main market is now down around 10% so far this year and touched a low of 5,871.88 points earlier in Monday's trading session, its lowest level since 30 September. The index closed at 5,874.06 points.

    South Africa-exposed insurance company Old Mutual, which slumped nearly 22% last week, climbed 1.3% after President Jacob Zuma named widely respected Pravin Gordhan as South Africa's third finance minister in a week. 

  18. Mahindra in driving seat at car designer Pininfarina

    Ferrari cars

    Legendary car design house Pininfarina is being bought by India's Mahindra industrial group. Mahindra is buying a controlling stake of 76% in the Italian firm, most famous for its designs for Ferrari, Alfa Romeo and Maserati.

    Mahindra said in a statement that the acquisition will give it entry into automotive styling while contributing to its transportation, aerospace and industrial design work. 

  19. Greece sells 14 airports to Germany's Fraport

    Thessaloniki airport

    Greece is selling 14 regional airports to German operator Fraport for €1.2bn in what is the first major privatisation move for the country's left-wing government. 

    The Greek privatisation agency said the deal involves selling airports at Thessaloniki (above) in Greece's second-biggest city, and those of island tourist destinations Mykonos, Santorini and Corfu, the agency said in a statement. 

    The deal showed that Greece is "regaining the markets' confidence step by step and re-embarking on the path of growth", agency chief Stergios Pitsiorlas said. 

    In July, Greece accepted a three-year, €86bn EU bailout that included conditions on - among other things - privatisation of some assets.

  20. Aggreko responds to Olympics report

    Aggreko has issued a short comment on reports that it has pulled out of bidding to supply power to the Rio Olympics.

    It's not much, but here it is: "Aggreko notes media reports that it has withdrawn from the bidding process for the 2016 Rio de Janeiro Olympic and Paralympic Games. The tender process is ongoing and as such Aggreko is unable to comment further at this stage."

    Aggreko supplies temporary power, guaranteeing a stable and secure energy for major events. The Glasgow-based firm has supplied power for the last nine Olympics. 

    The Reuters news agency reported earlier on Monday that Aggreko had withdrawn. If true, it could be another problem for Rio's organisers, who have been in a race against time to get things ready for the world's biggest sporting event - just eight months away.