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Live Reporting

Tom Espiner

All times stated are UK

  1. Good night

    That's all from the Business Live page for this week. Please join us again on Monday from 06:00.

  2. US postpones sanctions deadline on Russian tycoon's firms

    The US is postponing enforcing sanctions on Russian companies EN+ ENPLq.L, Rusal and Gaz PAO for nearly four weeks as their top shareholder works on a plan to cut his stakes.

    The US Treasury Department had given Russian tycoon Oleg Deripaska until 12 December to reduce his holdings in the three companies but said in a statement that the deadline had been moved to 7 January 2019.

  3. Oil slide and China worries jolt Wall Street

    Wall Street traders

    US stocks indexes have closed down, with shares of large technology, industrial and material companies taking a hit as weak Chinese data and a slide in oil prices raised concerns about global growth.

    The Dow Jones Industrial Average was down 202 points at 25,989, the S&P 500 was down 24 points at 2,783 and the Nasdaq Composite was down 124 points at 7,407.

  4. Russian state bank 'secretly financed Rosneft sale'

    Igor Sechin

    Reuters reports:

    "It was billed as the deal that proved Russia remained open for business. 'I want to congratulate you', Russian President Vladimir Putin told his trusted ally Igor Sechin, after greeting him with a warm handshake in the Kremlin in December, 2016.

    "[Mr] Sechin had just announced the sale to Qatar's sovereign wealth fund and giant commodity trader Glencore of a 19.5% stake in Rosneft, the state oil giant that he runs.

    "The €10.2bn [£9bn] privatisation deal was designed to replenish Russia's coffers, depleted by falling energy prices and Western sanctions.

    "Some Russian officials hailed it as proof that despite growing political isolation from the West the country could still attract global investors.

    "But now, nearly two years after the sale was first announced, nine sources with knowledge of the transaction have told Reuters that VTB, a Russian state-owned bank, itself financed a large share of the acquisition, undermining the deal's stated aim to bring foreign money into the country."

  5. US investment banks 'planning $283bn Brexit shift to Frankfurt'


    Major US investment banks are planning to shift as much as £283bn (£218bn) in assets to Frankfurt, Bloomberg reports.

    "Any shift will likely be very sizeable unless banks can keep their EU passporting rights," the article says.

  6. Brexit distracting UK from bigger challenges, says BoE's Haldane

    Andy Haldane

    Brexit is distracting Britain's government and businesses from the longer-term challenges of boosting productivity and living standards, Bank of England chief economist Andy Haldane has said.

    BoE Governor Mark Carney has previously said Britain's economy has so far probably grown almost 2% less than it would have done if voters had backed staying in the European Union at June 2016's referendum.

    Mr Haldane told a public forum in Bristol, southwest England, that Brexit preparations were delaying longer-term work on boosting Britain's weak rate of productivity growth that set in around the time of the 2008 financial crisis.

    "Brexit has absorbed a lot of energy... not just in government but among companies as well. That has probably come at some cost," he said during a discussion that formed part of the city's annual Festival of Ideas.

  7. Navarro to Wall Street: Stay out of US-China trade row

    Peter Navarro

    White House adviser Peter Navarro has lashed out at efforts by current and former Wall Street executives to urge the US and China to end their trade dispute, calling them "unregistered foreign agents" who were trying to pressure President Donald Trump into a deal.

    "When these unpaid foreign agents engage in this kind of diplomacy, so-called diplomacy, all they do is weaken this president and his negotiating position," Mr Navarro said at the Center for Strategic and International Studies in Washington.

    "No good can come of this. If there is a deal, if and when there is a deal, it will be on President Donald J. Trump's terms, not Wall Street terms," he added.

    Mr Trump is expected to have a meeting with Chinese President Xi Jinping in Buenos Aires at the end of November on the sidelines of a G20 leaders summit.

  8. DUP leader says will not support May Brexit proposal in parliament

    Arlene Foster

    The leader of the Northern Irish party that props up Prime Minister Theresa May's government has said her 10 members of parliament would not support the government's current Brexit proposal if it is put to a vote.

    "If she puts forward what's in her letter in parliament as a meaningful vote, we wouldn't be able to support that," Democratic Unionist Party leader Arlene Foster told Ireland's RTE television.

    "She will now have to decide whether she wants to proceed down this road where she knows she won't have the support of the 10 democratic unionist MPs in Westminster," she added.

    Without the support of the DUP, Mrs May would have to rely on votes from her Brexiter MPs and from Labour MPs.

  9. More on trade wars

    And another take on the US-China trade war.

    This time its White House adviser Peter Navarro speaking.

    He has criticised calls by big business for the US and China to resolve their trade dispute.

    "When these unpaid foreign agents engage in this kind of diplomacy, so-called diplomacy, all they do is weaken this president and his negotiating position. No good can come of this. If there is a deal, if and when there is a deal, it will be on President Donald J. Trump's terms, not Wall Street terms," Mr Navarro said.

  10. GE sinking

    GE hard hats

    Shares in General Electric have fallen below $9 for the first time since the financial crisis.

    They are off 7% at $8.44. Last year they were trading at $30 a share.

    The move on Friday was said to have been sparked by research by JP Morgan which cut the target price for the stock to $6.

    Last month the company reported third quarter loss of $22.8bn after it was forced to take a $22bn writedown on its power division.

  11. Trade war hurts global economy says China

    Shipping containers

    A senior Chinese official has been talking about trade relations with the the US.

    Yang Jiechi, who is in Washington, says the differences between the two countries can be resolved with talks.

    "These issues can be resolved through dialogue and consultation. A trade war, instead of leading to any solution, will only end up hurting both sides and the global economy," Yang Jiechi said.

  12. Oil slides

    oil prices

    Update on the oil price.

    Brent crude is still below $70 a barrel.

    US crude - measured by West Texas Intermediate crude futures - is on track for the longest stretch of daily declines since 1984.

    That's according to Refinitiv data cited by Reuters which said the futures were on track for the tenth consecutive day of falls.

  13. Hammond pressed over Brexit 'backstop' row

    Video content

    Video caption: Hammond pressed over Brexit 'backstop' row

    Philip Hammond on whether the withdrawal agreement will include an EU proposal to keep Northern Ireland tied to its customs union and single market.

  14. Will Jo Johnson's exit shift Brexit balance?

    Jo Johnson

    He is not the first, nor the best-known, minister to resign over Brexit but to leave at this moment, right when Theresa May is trying to stitch together a final deal, could have a serious impact.

  15. Meredith to sell Fortune magazine to Thai businessman for $150m

    US media company Meredith is to sell Fortune magazine for $150m (£115m) in cash to Thai businessman Chatchaval Jiaravanon, the second time the influential business magazine has changed hands this year.

    Best known for the "Fortune 500" list, the magazine was acquired by Meredith as part of its acquisition of Time in January for $1.84bn.

    Since then Meredith has been looking to sell some of its print assets as it tries to repay debt.

    In September, the company announced the sale of Time magazine to founder and co-chief executive Marc Benioff and his wife Lynne Benioff for $190m in cash.

    Meredith said it would use the Fortune sale proceeds to pay down debt, which it expects to reduce by $1bn during the 2019 fiscal year.

    Earlier this year, Meredith also said it would cut around 200 jobs, with plans to reduce 1,000 more positions.

    Mr Jiaravanon is best known for his affiliation with Charoen Pokphand Group, a business conglomerate with stakes in the Thai telecommunications, food, retail and motor industries.

    The deal is expected to close in 2018.