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Summary

  1. Michael Sherwood, Goldman Sachs's co-head of Europe, quits
  2. Theresa May waters down proposals to put workers on boards
  3. FTSE 100 ends day up by 0.03% at 6,777.96
  4. Essentra and Mitie shares sink on profit warnings
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Karen Hoggan

All times stated are UK

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  1. Good night

    That's it for another day on Business Live. It's been a day dominated by news from the CBI conference, but also the hike in the oil price. Plus we've had the news that Michael Sherwood, one of the UK's highest-paid investment bankers is to retire as joint head of the European arm of Goldman Sachs.

    Thank you for staying with us.  

    Do join us tomorrow if you can for the latest news, reaction and analysis from the world of business. 

  2. Key US share indexes rise

    Wall street traders

    The three key US stock indexes have ended the day higher, boosted in particular by shares in energy and other commodity-related businesses. 

    The increases continue the trend seen since Donald Trump's election victory. Investors hope the President-elect's promised increase in infrastructure spending will benefit firms in those sectors. 

    Also on Monday the rise in oil prices pushed up energy shares. 

    The Dow Jones closed up 0.47% or 88.76 pints at 18,956.69. 

    The Nasdaq was at 5,368.86, a rise of 47.35 points or 0.89%.

    And the S&P 500 was 16.28 points or 0.75% higher at 2,198.18. 

    Shares in Facebook closed 4.1% higher after the social media giant announced on Friday that it was planning to buy back up to $6bn of its shares early next year.  

  3. Radical tax reform needed says tech boss

    The head of the UK's biggest tech company says the government should conduct "a radical reform of the tax system" - including business rates.

    Stephen Kelly, chief executive of software giant Sage, says the tax system unfairly benefits multinationals over small entrepreneurs.

    Speaking to BBC Newsnight, he said the system is "unfit for the digital age". Read more here

    Prime Minister Theresa May has announced a series of measures aimed at supporting British business.

    You can find out more about this interview and the story on Newsnight on BBC Two at 22:30 GMT. 

  4. Oil hits three week high

    Let's catch up with how oil's doing again, and prices shot up by 4% to a three-week high on Monday, amid growing belief that oil producing countries would agree next week to limit output. 

    The benchmark Brent crude briefly touched $49 a barrel. 

    Brent has risen 11% in a week since Saudi Arabia, a key player in the Organisation of the Petroleum Exporting Countries, set out to persuade more reluctant members to join its proposals to limit output. 

    OPEC members are due to meet on 30 November in Vienna. 

    Brent crude futures settled at $48.90 a barrel, up $2.04, or 4.4%.

  5. Alex Salmond holds informal talks with EFTA

    Alex Salmond

    Scotland's former first minister Alex Salmond has held informal talks at the European Free Trade Association (EFTA) about the UK's future relationship with Europe.

    It is understood the former Scottish first minister recently travelled to the trade group's HQ in Switzerland.

    EFTA members currently include Norway, Iceland and Lichtenstein.

    Although not members of the European Union, they are signed up to the free movement of goods, services, capital and people alongside the 28 EU countries what is called the European Economic Area (EEA).

    The Scottish government would like the UK as a whole to seek a similar arrangement as it prepares to leave the European Union.  

    Mr Salmond's successor, Nicola Sturgeon, is exploring ways of keeping Scotland inside the European single market.  

  6. Canada to scrap coal-fired electricity by 2030

    BBC World Service

    Canada has set out plans to eliminate coal-fired electricity production by 2030, reports BBC World Service.

    Ten per cent of Canada's electricity is now produced by coal, and the move is part of its commitment to reduce greenhouse gas emissions under the Paris climate treaty. 

    Canada's intentions are in stark contrast with the expected policy to promote coal south of the border once Donald Trump enters the White House. He's promised to revitalise the industry and says he'll pull out of the Paris agreement.  

  7. BuzzFeed gets $200m extra investment

    BuzzFeed logo

    Online media company BuzzFeed - which gets 7 billion views every month - has received an additional $200m (£160m) of investment from Comcast Corp's NBCUniversal.

    The money will "expand the strategic partnership between the two companies and fund the growth of BuzzFeed’s industry leading news and entertainment network", said BuzzFeed in a statement. 

    The money comes on top of the $200m NBCUniversal put into BuzzFeed last year. 

    Jonah Peretti BuzzFeed chief executive and founder said: “The investment allows us to remain a fully independent company but have access to and resources from the strongest and best media company there is.”  

  8. Key economic indicator hits highest level in two years

    Containers

    The Baltic Dry Index, which is seen by many as a leading indicator of the state of the world economy, is occupying The Daily Telegraph. 

    The index has hit its highest level in nearly two years, the paper reports.

    The dry bulk shipping index is a key gauge of global trade and tells you how much it costs to move stuff around the world.

    It hit an all time high of 11,000 points in May of 2008, just before the global financial crisis.

    This year it has hit fresh record lows and skirted around the 300 points mark, but has since come back by 333%.  

    The latest leap in the index follows Donald Trump’s election victory on 8 November. Since then it has shot up by 50% to 1,257.

    Mr Trump has said he will spend $1 trillion on infrastructure projects, which would give a boost to the owners of vessels shipping commodities around the world, and that has helped the Baltic index climb over the past couple of weeks. 

  9. CBI responds to Labour leader's speech

    Carolyn Fairbairn, CBI director general

    CBI director general Carolyn Fairbairn has been reacting to Labour leader Jeremy Corbyn's speech at Monday's conference. 

    “He is right to highlight that a regional focus within industrial strategy, underpinned by investment in innovation and infrastructure, will be vital to increasing living standards across all parts of the UK," she said. "All efforts must be made to improve business competitiveness without adding further cost complexity.

    “The CBI is committed to working with politicians of all parties to make the best of Brexit. Businesses are clear that maintaining tariff and barrier-free access to the Single Market will be vital for their future success."

    Mr Corbyn also warned of "real problems" in today's jobs market, citing low wages, insecure temporary contracts and the gender pay gap. He said that Labour would increase the National Minimum Wage to £10 by 2020 if it won power.

    In her response Ms Fairbairn said: “Fair wages are a vital part of a fair and prosperous society, and the independent Low Pay Commission is well positioned to ensure future rises do not come at the expense of people’s jobs. The vast majority of businesses are committed to eliminating poor practices, though this should not be confused with certain types of contracts which allow the flexibility many workers value."

  10. Diageo workers vote for industrial action

    Workers at the drinks giant Diageo have voted to take industrial action in a dispute over pensions.

    Unions said the action could affect all of Diageo's 50 sites in Scotland, as well as other locations in Northern Ireland and Cheshire.

    The dispute is over plans to move staff from a final salary pension scheme.

    Diageo described the move as "clearly disappointing", adding that it was "premature" as talks between the company and unions were ongoing.

    Bottles of whisky
  11. What to expect from the Autumn Statement

    The BBC's economics, business and political editors spell out what to look for in Wednesday's Autumn Statement.

    Video content

    Video caption: Autumn Statement: BBC editors on what to look for
  12. Oil still rising

    The London benchmark has risen 11% in a week since Saudi Arabia, the biggest and most influential member of Opec started trying to persuade the group to join it in limiting output.

  13. Opec meeting 'went well'

    Those pinning their hopes on a cut - or more likely a freeze -  in oil output may take some encouragement from these words from the Libyan oil governor: "We are discussing. We are not disagreeing," he said after the first day of the two-day Opec setting up talks. Asked whether the day had gone well, Reuters reports "he said 'Yes'". The oil price shot up on Monday by 4.5% to leave Brent at $48.97 a barrel.  Opec actually meets formally on November 30.

  14. US 2-year bond yields at 7 year high

    Bonds continue last week's fall. The US  Treasury Department on Monday sold $26bn of two-year government debt at a yield of 1.085 percent -  the highest yield at an auction for this maturity since December 2009. The ratio of bids to the amount of two-year notes offered was 2.73, up from 2.53 at the prior two-year auction in October and the strongest reading since August.  

  15. Lufthansa strike again

    Lufthansa pilots will strike again this week on Wednesday as part of their long-running dispute with the airline's management.  The strike will run for 24 hours from midnight and affect short-haul and long-haul flights. The two sides are trying to agree contracts dating back to 2012 and the union is calling for a pay increase of an average 3.7% a year over a five-year period. Lufthansa has offered 2.5%. 

    Lufthansa planes
  16. Labour would 'clamp down' on cheats

    Jeremy Corbyn

    "All we ask is that for the investment we make for you, from building better infrastructure, to delivering a high-skill workforce, that you make your contribution to help the next generation of workers, the next entrepreneur, or the next business coming down the road, said Mr Corbyn. 

    "And in return we’ll clamp down on the people cheating our economy with aggressive tax avoidance and evasion by doubling the number of investigators to chase payment and ending the payment of excessive dividends to offshore owners.

    "Aggressive tax avoidance and evasion is a burden and deadweight on us all and we will work at home and internationally to bring it to an end," he added.

  17. Jeremy Corbyn: Minimum wage of £10 an hour by 2020

    Quote Message: Labour’s offer is to work together with business to deliver prosperity for the whole country. We want everyone, and every community, to share in that prosperity. Under a Labour government, there’ll be no more exploitative zero hours contracts - we’ll put an end to them. There’ll be no more poverty pay for those in work. We’ll raise the minimum wage to £10 an hour by 2020. And we’ll make sure businesses, including small businesses, are supported to deliver those goals in a sustainable way. from Jeremy Corbyn Labour leaders
    Jeremy CorbynLabour leaders
  18. Labour calls for steps to boost economy

    Jeremy Corbyn has reiterated three things - first set out last week by Shadow Chancellor, John McDonnell - that the Labour Party wants the government to do to support the UK economy. 

    First he said: "We need a credible fiscal framework that ends austerity and supports investment crucial to make our whole country successful post-Brexit. 

    "Second, we need real support for those in work on low and middle incomes who will struggle as prices rise. 

    "Third, we need secure and properly funded public services," he adds.

  19. Jeremy Corbyn: 'businesses plunged into uncertainty'

    Jeremy Corbyn turns his focus on the Brexit vote in his speech to business leaders at the CBI conference

    "Following the British people’s decision to leave the European Union, businesses have been plunged into huge uncertainty by a Government which has no plan at all," he said. 

    "I believe when it comes to Government there’s bad intervention and good intervention.

    "Bad intervention wants to name and shame you on the basis of how many foreign workers you employ.

    "Bad intervention wants to punish you with a shambolic Brexit that limits our ability to trade with the world’s largest trading bloc on our doorstep," he added.

     "As Carolyn has said, a Brexit deal without tariff-free access to the Single Market would 'close the door' on an open economy'". 

  20. Jeremy Corbyn recognises women at top

    Jeremy Corbyn

    Jeremy Corbyn, Labour leader is speaking at the CBI conference and he has congratulated director general  Carolyn Fairbairn on her first year as the organisation first female DG.

    "Six years ago, the CBI, TUC and the Equality and Human Rights Commission jointly issued the Talent Not Tokenism report to promote greater diversity in business," he said.  

    "Not only because it was the right thing to do but because it’s good for business. And thanks to those companies which have delivered real results since.

     "Now the TUC, under my friend Frances O’Grady, and the CBI are both led by women.

     "And I’d also like to congratulate Paula Nickolds on becoming John Lewis’ first female managing director," he added.