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Live Reporting

Daniel Thomas

All times stated are UK

  1. Good night

    And that's it for tonight. Thanks for reading. We'll be back tomorrow from 06:00, so do join us then.

  2. Dollar dive

    Treasury Secretary Steven Mnuchin steps off Air Force One upon arrival at Andrews Air Force Base in Maryland on December 2, 2017

    The US dollar has fallen sharply after the US Treasury Secretary said its weakening is "good" for the US.

    "Obviously a weaker dollar is good for us as it relates to trade and opportunities," Steven Mnuchin said at a press briefing in Davos.

    The dollar index swooned almost 1% after the remarks, extending steep declines that started last year.

  3. Wall Street catches its breath

    Wall Street bull

    After days of posting multiple record highs, the S&P 500 and the Nasdaq have retreated on Wall Street.

    The tech-rich Nasdaq Composite Index dropped 0.6% to 7,415.06, while the broad-based S&P 500 lost 0.1% at 2,837.56 amid weakness in airline and computer chip shares.

    The Dow Jones Industrial Average rose 0.2% to close at a 26,252.19, eclipsing the record set on Monday.

  4. 'Trump slump' for US tourism?

    Tourists in the US

    The number of tourists visiting the US is falling, according to official figures.

    The drop has provoked a debate in the US, with some dubbing it a "Trump slump".

    Critics point to the president's America First rhetoric and anti-immigrant comments, as well as tighter visa rules for some countries and other restrictions.

    "When people travel, they're looking for a pleasant emotional experience," said Vincent Wolfington, former chair of the World Travel and Tourism Council.

    "The perception is it's probably too much trouble at this point in time to visit the US."

  5. Brazilian shares hit new record on Lula ruling

    Daniel Gallas

    BBC South America business correspondent

    Luiz Inacio Lula da Silva

    A court in Brazil has unanimously decided to uphold – and increase – a jail sentence against former President Luiz Inacio Lula da Silva. The court ruled that Lula, as he is known, gained personal advantage from a corrupt relationship he held with a major construction company. His sentence was increased from 9.5 to 12 years.

    Brazilian stocks in Sao Paulo urged 3%, pushing the Ibovespa index above the 83,000 points mark for the first time in its history. Markets believe the court’s unanimous decision is a major blow to Lula’s chances of running for President again in October.

    He currently leads all polls and promises to revert the economic reforms being implemented by the current government.

    Blue chip stocks like Petrobras and Vale surged 5% and 2% respectively.

    Lula may still file a final appeal – but the unanimous decision could pave the way for him to be jailed. While the hearing took place in the town of Porto Alegre, Lula told crowds in Sao Paulo that he is innocent.

  6. Grumpy Cat wins $710,000 payout in copyright lawsuit

    Grump Cat

    A cat made famous online because of its permanent scowl has been awarded $710,000 (£500,000) in a copyright case by a California federal court.

    Grumpy Cat Limited sued the owners of US coffee company Grenade for exceeding an agreement over the cat's image.

    The company only had rights to use the cat to sell its "Grumppuccino" iced drink, but sold other Grumpy products.

    The cat, real name Tardar Sauce, went viral in 2012 after photographs of her sour expression emerged online.

    Read more

  7. Tesla cancels sale of car auctioned by Presidents Club

    A Tesla car

    Tesla has said it will no longer supply a luxury electric car that was auctioned at the Presidents Club dinner yesterday.

    The US electric carmaker described the events of the evening, during which women were allegedly groped, as "disgusting”.

    The Presidents Club bought the Model X car following the auction, but Tesla said the sale had now been cancelled.

    BMW has also cancelled the sale of car auctioned at the event.

  8. World Bank chief economist steps down after 15 months

    Paul Romer, economist

    Paul Romer, the World Bank's chief economist, is leaving after just 15 months on the job, according to an internal announcement seen by the Financial Times.

    According to reports, Mr Romer had clashed with staff economists since his arrival in October 2016 over things like the way the bank’s reports were written and the methodology used.

    Said to be difficult to work with, he was last May stripped of his management control of the organisation’s research arm.

    In a message to staff sent on Wednesday, Jim Yong Kim, the World Bank’s president said Mr Romer had decided to step down and return to his position as a professor at New York University.

    "Paul is an accomplished economist and insightful individual, and we have had many good discussions on geopolitical issues, urbanisation, and the future of work. I appreciated Paul’s frankness and honesty, and I know he regrets the circumstances of his departure,” Mr Kim said.

  9. Conviction against former Brazilian PM upheld

    Ex-President Luiz Inacio Lula da Silva.

    An appeals court in Brazil has upheld a conviction for corruption imposed last July on ex-President Luiz Inacio Lula da Silva.

    While he can still take his appeal to a higher court, the decision could rule Lula out as a candidate for October's presidential election.

    The ex-leader, who governed from 2003 to 2011, had been favourite to win.

    Ahead of the ruling, Lula said he would continue fighting "for the dignity of the Brazilian people" until he died.

    Brazilian stocks in Sao Paulo surged 2% to hit fresh record highs.

  10. Video content

    Video caption: 'UK can't have its cake and eat it on Brexit payments'

    The Polish Prime Minister Mateusz Morawiecki tells the BBC that Britain will have to continue making financial contributions if it wants access to the EU single market.

  11. Meat firm fails on food hygiene

    Steak and chips

    A food company that supplies Wetherspoon's, Jamie's Italian and Butlins among others has been accused of "serious non-compliance with food hygiene regulations".

    The Food Standards Agency (FSA) said it had found issues at a number of Russell Hume facilities and had stopped any product from leaving its sites until the business could give assurances it was producing "safe food".

    There is no indication people have become ill from eating meat supplied by the firm, but the FSA is "continuing to assess the situation".

    Birmingham-based Russell Hume also supplies schools, catering businesses and care homes.

  12. US stocks lose steam

    US trader

    All the major US share indexes have given up their gains after the US Commerce Secretary hinted at trade action against China.

    Speaking at the World Economic Forum in Davos, Wilbur Ross said US authorities were investigating whether there is a case for taking action over China's infringements of intellectual property.

    It comes a day after the US slapped tariffs on imported solar panels and washing machines, prompting fears of a tit-for-tat trade war.

    A short while ago the Dow was flat at 26,211.10, the Nasdaq was down 0.8% to 7,401.70, and the S&P 500 was 0.2% lower at 2,833.53. All had opened in positive territory.

  13. Davos jargon: A crime against the English language?

    A woman, surrounded by question marks

    The annual World Economic Forum takes place amid freezing temperatures in snowy Davos, but inside the myriad meeting rooms and conference halls, there's more than a little hot air.

    Some of this is generated by a form of English unique to this gathering, which can be mystifying - even to the seasoned WEF watcher.

    To help, we've compiled a short list of bewildering terms and phrases overheard or read at Davos, and attempted to decipher them, with limited success.

    Read more

  14. Macron calls for new EU strategy

    Emmanuel Macron at Davos

    President Macron says to stop "fragmentation" around the world, "we need a stronger Europe, it's absolutely key".

    He calls for a new 10 year strategy to make Europe a stronger economic, scientific, green and political power.

    "We need more ambition to have a more sovereign and democratic Europe."

  15. Presidents Club 'will stop hosting charity dinners'

    People gathered outside a hotel

    The Presidents Club will stop hosting fundraisers after women reported being groped at one of its dinners last night.

    In a statement it said: "The trustees have decided that the Presidents Club will not host any further fundraising events. Remaining funds will be distributed in an efficient manner to children's charities and it will then be closed."