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- McLaren boss ousted by shareholders
- Google pledges £1bn UK investment
- US markets edge higher
- FTSE 100 closes higher
- Sterling falls following October slip in inflation
- HS2 northern routes firmed up
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The main US markets each closed higher after picking up speed this afternoon.
The Dow Jones finished on another record high, up 0.29% at 18,923.06 points. The S&P 500 closed 0.75% higher at 2,180.39 while the Nasdaq finished 1.1% higher at 5,275.62.
Growth was subdued for eurozone countries in the third quarter, despite solid performances from Greece and Spain.
In the July to September period, the 19-country bloc grew by a quarterly rate of 0.3% for the second quarter running. That equates to an annualised rate of around just 1.2%.
Eurostat's data linked the performance to a slowdown in Germany - the single currency bloc's biggest economy - where growth halved to 0.2% during the period.
Growth was also 0.2% in France, the eurozone's second-biggest economy - a modest improvement from the 0.1% decline seen last quarter.
There were some highlights though, as countries that have been at the heart of the eurozone's debt crisis started to bounce back.
Greece, which is in the midst of its third international bailout, grew by a quarterly rate of 0.5% while Spain expanded by 0.7%. Portugal did even better, growing by 0.8% during the quarter.
US car maker Ford says it still plans to move some production to Mexico, despite the election of Donald Trump, who has threatened to put hefty tariffs on car imports.
Chief executive Mark Fields said the firm would relocate the production of its Focus model, making room for "two very exciting products that will be coming down to the Michigan Centre".
It follows a $1.6bn investment by Ford in a new Mexican plant last April.
During the bitter campaign for the White house, Mr Trump criticised American companies for relocating their production to countries such as Mexico, where labour costs are cheaper.
He also promised to annul the NAFTA trade agreement and put a 35% import duty on cars produced by Mexico.
Mr Fields told reporters such barriers could have "a major impact on the US economy", adding: "I continue to think that the right policies will prevail because we continue to share the same objective which is a healthy and vibrant US economy."
Research from PwC has claimed public borrowing could overshoot dramatically in the next five years.
The consultancy projects a continuing budget deficit of around £67bn this year - more than £10bn above the Office of Budgetary Responsibility's forecasts prior to Brexit - and this would only fall to around £18bn by 2019/2020 on unchanged fiscal policies, rather than moving into surplus.
By 2020/21, it said, cumulative borrowing could be £100bn over the OBR's expectations.
John Hawksworth, chief economist at PwC, said: “We expect the Chancellor to adopt a pragmatic approach in his Autumn Statement, allowing borrowing to take the strain of slower growth, while adopting revised fiscal rules that give him more flexibility to boost planned public investment."
Throughout the day, the government has been distancing itself from a leaked memo which claimed ministers have no overall plan for Brexit.
The document was put together by accounting and consultancy group Deloitte, which this evening played down the note's findings.
Deloitte said the note was "intended primarily for internal audiences" and "represents a view" of the task facing Britain's civil service.
"This work was conducted without access to No. 10 (Downing St) or input from any other government departments," the company said.
Obtained by The Times, the note warns Whitehall is working on 500 Brexit-related projects and could need 30,000 extra staff. And it highlights "divisions within the cabinet" over Brexit strategy.
Ron Dennis' departure as boss of McLaren is a seismic change for the group he's led for 35 years.
Zak Brown, a leading commercial figure in F1, remains the most likely candidate to fill those big shoes, according to BBC Sport.
The 44-year-old American's links with McLaren were revealed by the BBC last month and he has moved closer to accepting a leadership position at McLaren since then.
Mr Brown has also been linked with a role with new F1 owners Liberty Media, heading up their commercial operation once they complete their takeover of the F1 Group next year.
Sources close to Mr Brown say he's more likely at this stage to accept the McLaren offer - although he's not made a final decision.
A woman in New York got more than she bargained for when she found a dead mouse sewn into the lining of a new dress.
Cailey Fiesel said she bought the $40 (£32; €37) dress from Zara but weeks later detected a "disturbingly pungent odour" while at her desk at work.
Ms Fiesel, 24, felt something scratch her leg and discovered a mouse's foot poking out of the lining, she said.
"I froze, I was paralysed with fear," she told the New York Post.
Zara said it's aware of the lawsuit and is investigating further.
Discount retailer B&M has become the latest business to warn of price rises linked to the weak pound.
The group, which owns 519 stores across Britain, said it was able to shield customers from a price jump this year after hedging against currency swings. But it expects to pass on cost rises from spring 2017.
Sterling has fallen nearly 18% against the US dollar and around 11% versus the euro since the EU referendum result, driving up the cost of imports.
B&M said it was vulnerable because nearly a third of its products are sourced from China.
BBC Business News Reporter
Ron Dennis has been the driving force behind McLaren since 1980. He has now been forced to step down by his fellow shareholders in the business, the Bahraini sovereign wealth fund Mumtalakat and the Luxembourg based investment group TAG. They are understood to be unhappy with his supposedly autocratic management style. Mr Dennis claims the grounds for his dismissal are entirely spurious. It is understood that he submitted a £1.65bn offer to take full control of the McLaren Group to his fellow shareholders two weeks ago, but that was rejected. He says he will now establish a new technology investment fund, while continuing to use his 25% shareholding to protect the interests of the company and its employees.
Donald Trump's election pledges are continuing to spark alarm now he's president-elect.
One of his campaign trail promises to create “complete American energy independence” from “our foes and the oil cartels”, has sparked a pointed response from Saudia Arabia's energy minister.
Khalid al-Faith said the US "benefits more than anybody else from global free trade”.
"At his heart President-elect Trump will see the benefits and I think the oil industry will also be advising him accordingly that blocking trade in any product is not healthy,” he told The Financial Times.
US markets have quietened down after Donald Trump's victory last week with trading rather subdued today.
The Dow Jones is down 0.16%, while the Nasdaq and S&P 500 are up 0.59% and 0.25% respectively.
The Chancellor of the Exchequer, Philip Hammond, has welcomed news Google will open a new headquarters building in London.
He said: “This is big vote of confidence in Britain’s leading position as a global tech-hub and more evidence that leading firms are choosing to invest here. Our technology industry is central to securing future economic growth and this government is committed to ensuring it continues to thrive. It’s further proof that Britain is open for business and that we continue to be an outward looking, world-leading nation.”
Google has revealed it will open a new headquarters building in London which could see 3,000 new jobs created by 2020.
Sundar Pichai, the chief executive of Google, told the BBC the UK was still an attractive place to do business, even after the Brexit vote.
It seems Ron Dennis's decision to quit McLaren resulted from a boardroom power struggle.
Dennis owns 25% of the F1 team, Bahrain's Mumtalakat investment fund owns 50% and the remaining 25% is held by Dennis' long-time business partner Mansour Ojjeh, a Saudi-born Frenchman.
But Dennis and Ojjeh, the chief executive of the TAG Group, fell out some years ago and the 64-year-old Ojjeh has sided with the Bahrainis in trying to remove his former friend.
It was felt Dennis' autocratic style was ill-fitted to growing McLaren in the future.
Dennis said the other main shareholders "forced through" the decision "despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business".
He added: "My management style is the same as it has always been and is one that has enabled McLaren to become an automotive and technology group that has won 20 Formula 1 World Championships and grown into an £850m-a-year business.
"Ultimately it has become clear to me through this process that neither TAG nor Mumtalakat share my vision for McLaren and its true growth potential."
On his last foreign visit as President, Barack Obama has urged Greece's creditors to consider debt relief for the country.
Yanis Varoufakis, the former Greek finance minister, told World Business Report his country was "bankrupt" and expected to meet "impossible" fiscal targets.
However, he said the President was unlikely to improve the situation and the White House had failed to support Greece in the past.
BBC Business News Reporter
Ron Dennis's 35-year tenure as the boss of McLaren has come to an end.
Dennis, 69, quit after being told by fellow shareholders on Tuesday that he must give up his position as chairman and chief executive of McLaren Group.
He did not want to step down and failed in a High Court bid last week to prevent McLaren putting him on 'gardening leave'.
In a statement, Dennis said he was "disappointed" and called the grounds for his removal "entirely spurious".
Google is to open a new headquarters building in London which could see 3,000 new jobs created by 2020.
The news comes as a major boost to Britain's technology sector.
Sundar Pichai, the chief executive of Google, told the BBC that the UK was still an attractive place to do business.
He said open borders and free movement for skilled migrants were "absolutely" important to the success of the technology sector in the UK.