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Summary

  1. US markets close on mixed picture
  2. FTSE 100 closes 1.43% lower
  3. Amazon drivers 'work illegal hours', BBC investigation finds
  4. Alibaba posts record Singles Day sales
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Daniel Thomas

All times stated are UK

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  1. Until next week...

    That's all from me folks, and thanks again for reading Business Live. We'll be back next week with more news and views on the world of business and the markets. I hope you have a good weekend. 

  2. BreakingUS markets close on mixed picture

    The major US markets were a mixed picture at close as investors continued to digest the election result.

    The Dow Jones shrugged off earlier losses to close 0.21% higher at 18,847.66 points - another all-time high after yesterday's record performance. The Nasdaq was also up, by 0.54% at 5,237.11. 

    But the S&P 500 finished 0.14% lower at 2,164.45 despite paring earlier losses. 

  3. Causes of Brexit and Trump win 'not just economic'

    Trump

    In recent days, many commentators have attributed Mr Trump's election win to the disenfranchisement of middle and lower income Americans. But in this interesting FT article, professor John Kay of the London School of Economics says "there is something in this explanation but not enough". 

    "While it is true that neither Brexit nor Mr Trump would have won without attracting the support of disaffected working-class voters in depressed areas, many of those who voted for either were not economically disadvantaged. 

    "Polls have shown that the average income of Mr Trump’s voters was above that of Hillary Clinton supporters. The strongest predictors of voting behaviour have been ageeducation level and ethnicity - not income."

    He adds that the evidence on "inequality and globalisation is far more nuanced than so many would have guessed".

    More important, he says, is the inadequate political response to the financial crisis, which has left a vacuum for populists to fill. 

  4. An inconvenient truth

    In this interesting blog, commentator Zero Hedge outlines what he sees as the drivers behind Donald Trump's victory using several handy graphs. 

    "The intent is to highlight, through the use of a few charts, that the nation’s economic policy for the last 30 years has failed greatly and hollowed out the middle class," he says.

    "The consequences have been accumulating for years but have been camouflaged by ever increasing, but unsuccessful attempts to reignite economic growth." 

    Here are few of the charts. 

    Real median income
    Wage growth
    Manufacturing employment
  5. JC Penney cuts sales forecast

    JC Penney

    Department store chain JC Penney has cut its revenue forecast for the year after seeing sluggish clothing sales in the third quarter.

    It is trying to recover from an ill-judged restructuring plan under former chief executive Ron Johnson that caused sales and profits to tumble in 2012 and 2013. 

    It is also trying to adjust to changing shopping patterns, as consumers shift their spending away from clothing and towards experiences like beauty treatments or towards furnishing their home. As such, the group is trying to promote more appliances and homeware in its stores.  

    In the third quarter JC Penney reported a loss of $67m compared with a loss of $115 million in the same period last year. 

    It now expects to see an increase of 1-2% in full year sales - down from its original forecast of 3-4%.

  6. BreakingUS markets remain volatile

    The main US markets opened down this morning but trading has been volatile since then.

    The Nasdaq is currently up 0.3%, while the Dow is flat and The S&P 500 is down 0.33%, as these charts show. 

    Nasdaq
    Dow Jones
    S&P 500
  7. Pound hovers at $1.26

    Pound vs the dollar

    It's been a good week for the pound and today the currency passed the $1.26 mark for the first time in five weeks. This chart shows you how it's done since 7 November. 

  8. Egypt gets some money

    An Egyptian street vendor walks on El-Moez Street in Fatimid Cairo, Egypt

    Egypt is to be given a $12bn bailout from the International Monetary Fund (IMF), spread over three years.

    The Central Bank of Egypt has received the first $2.75bn tranche.

    The loan "will help Egypt restore macroeconomic stability and promote inclusive growth," the IMF said.

    In other words, to help it out of its deep economic crisis.

  9. BA strike ballot next week

    BA aircraft at Heathrow

    Two thousand British Airways' cabin crew will be balloted for possible strike action in a dispute over pay.  

    Members of Unite will start voting next week, with the result due in mid December. 

    Unite said the crew, part of BA's so-called "mixed fleet", had rejected a 2% pay offer. 

    They are staff who work at Heathrow and have joined the airline since 2010.

  10. Tata tries to oust Cyrus Mistry from subsidiaries

    Cyrus Mistry

    The bitter feud at the top of India's giant Tata industrial empire is continuing in full spate.

    Tata Sons, the holding company, is now trying to force out its former chairman, Cyrus Mistry, from all parts of its vast business.

    It is trying to remove him from the boards of several subsidiaries such as Tata Motors, Tata Chemicals, and Tata Steel.

    Mr Mistry was sacked as overall chairman last month, out of the blue.

    The surprising move soon exposed a saga of bitter disagreement at board level, with claim and counterclaim thrown around to the general astonishment of onlookers.

    Read more

  11. Brazil challenges US steel tariffs

    Brazilian steel mill

    Brazil has launched a complaint at the World Trade Organisation against a US decision to levy punitive tariffs on imports of cold- and hot-rolled steel flat products from Brazil.

    The United States has imposed anti-subsidy duties on the products but Brazil says that it broke WTO rules by doing so, according to the WTO.

    The United States now has 60 days to settle the dispute or Brazil could ask the WTO to adjudicate.  

  12. Pound recovers ground after US election

    Pounds and dollars

    The pound has continued to recover ground following this week's US election result.

    The news will bring some respite to businesses that import goods, and to holidaymakers buying foreign currency.

    For the first time in five weeks sterling is worth around $1.26, having sunk as low as $1.21 a month ago. That is a rise of about 4%.

    Against the euro, the pound has risen by more than 6% over the same period, up from €1.09 to €1.16.

    Read more.

  13. Singles Day sales settle at $18bn, says Alibaba

    Jack Ma

    Chinese shoppers splashed out almost $18bn during Alibaba's Singles Day sale on Friday, the e-commerce giant has claimed. 

    Rival e-commerce giant JD.com, which focuses more on electronics, said its sales total - which it did not specify - surpassed last year's figure at 1:33 pm China time. 

    However, it's worth remembering that some have questioned the accuracy of Singles Day sales, amid claims of inflated sales data at Chinese online retailers.

  14. Police open investigation into football bribery

    Football boots

    Police have opened a criminal investigation into an allegation of bribery after reviewing material from the Daily Telegraph's investigation into suspected corruption in football.

    Sam Allardyce left his post as England boss after the newspaper investigation claimed he offered advice on how to "get around" rules on player transfers.

    He had been in charge of England for one game before his exit.

    But police said Allardyce "is not part of the investigation".

    Read more.

  15. Italian borrowing costs jump following Trump win

    Matteo Renzi

    Shock waves from Donald Trump's election have been felt in Italy today, as sovereign borrowing costs shot up, Reuters reports

    Prime Minister Matteo Renzi is holding a referendum next month on the Italian constitution, but some fear a populist revolt -  akin to the one just seen in the US - will defeat him.

    Concerned this will create political upheaval, investors shied away from an Italian bond auction today, sending yields to their highest levels since mid-2015.

    "Today's auction, with weaker demand at the longer end of the yield curve, is probably one of the first signs of rising tensions on Italy's debt ahead of the referendum," IG strategist Vincenzo Longo said.  

  16. BreakingFTSE 100 closes 1.43% lower

    The FTSE 100 has closed 1.43% lower at 6,730.43 points.

    The biggest fallers were miners and banks, which had made gains on Wednesday and Thursday following Donald Trump's victory.

    The worst performers were miners Fresnillo and Randgold Resources Ltd - down 8.95% and 6.73% - and Standard Chartered bank, down 6.34%.

    The best performers were BT Group, up 3.78%, and Marks & Spencer Group, up 3.28%.

  17. 'Crazy' to say Facebook helped Trump win - Zuckerberg

    Mark Zuckerberg

    Facing criticism that fake news on Facebook aided the rise of Donald Trump, founder Mark Zuckerberg has strongly defended his network.

    Speaking on stage at Techonomy, a technology conference in California, Mr Zuckerberg said Facebook should not be held responsible.

    "The idea that fake news on Facebook influenced the election in any way is a pretty crazy idea," he said.

    "If you believe that then I don't think you have internalised the message Trump supporters are trying to send in this election."

    Some data has shown that fake stories were being far more widely shared on the platform than follow up stories debunking the claims.  

    Read more.