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Live Reporting

Daniel Thomas

All times stated are UK

  1. Good night

    Thanks for tuning into Business Live. We'll be back at 06:00 tomorrow, hope to see you then.

  2. Global wine industry bounces back

    Wine

    Global wine production rose 13% this year, after a catastrophic 2017 which was marked by heatwaves, frosts and hailstorms, the International Organisation of Vine and Wine (OIV) has said.

    It said production was estimated at 279 million hectolitres (mhl) this year, "one of the highest since 2000".

    Italy was the world's top producer with 48.5 mhl, followed by France at 46.4 million and Spain at 40.9 million.

    With 32.6 mhl, the US confirmed its position as the biggest global consumer country since 2011, followed by France (27 mhl), Italy (22.6 mhl), Germany (20.1 mhl) and China (17.9 mhl).

  3. US stocks close lower

    Trader

    US markets have closed lower amid renewed trade war fears and a fall in Apple shares.

    The tech heavy Nasdaq ended down 3%, or 219.40 points lower at 7,028.48.

    The Dow ended down 1.56%, or 395.54 points, at 25,017.68 while the S&P 500 closed 1.8% down at 2,686.19.

    Apple slipped more than 3.96% after a report in the Wall Street Journal claimed the tech giant had slashed production orders for its iPhones.

    Investors also remained nervous about US-China relations after a messy conclusion to the weekend's Asia-Pacific Economic cooperation summit, where both countries attacked each other in speeches.

  4. Instagram targets fake likes and comments

    Apps

    Photo-sharing platform Instagram has announced a new initiative that will target fake likes and comments.

    The company say they have developed tools that can identify accounts that use third-party services and apps to artificially boost their popularity.

    Any accounts violating will be warned and told to change their password.

    Since its launch in 2010, Instagram has become a tool for online influencers to amass large followings and often, in turn, get paid to market products.

    Read more

  5. CNN: Access battle with Trump continues

    Jim Acosta
    Image caption: Jim Acosta's credentials were revoked on 7 November

    CNN is seeking an emergency court hearing to fully reinstate correspondent Jim Acosta's White House press credentials before a temporary order protecting them runs out next week.

    Mr Acosta's credentials were revoked after Trump denounced him as a "rude, terrible person" during a 7 November press conference.

    CNN challenged the move in court and on Friday won a ruling that temporarily reinstated Acosta - but on Monday the White House said it would again revoke press access once the two-week restraining order expires.

    The White House opposed the request for an emergency hearing, writing in response to the court: "Not only is there no 'emergency' right now, it is impossible to know at this point whether next steps are necessary, much less what those steps should be."

    It said the White House expected to make its final decision on Acosta credentials by 15:00 EST on Monday.

  6. US stocks limp on

    US markets are still in the doldrums amid renewed trade war fears and a fall in Apple shares.

    The tech heavy Nasdaq is down 2.7% while the Dow and S&P 500 have both lost 1.5%.

    Apple slipped more than 3% after a report in the Wall Street Journal claimed the tech giant had slashed production orders for its iPhones.

    Investors remained nervous about US-China relations after a messy conclusion to the weekend's Asia-Pacific Economic cooperation summit, where both countries attacked each other in speeches.

  7. Grant Thornton names new CEO

    Grant Thornton

    Accounting firm Grant Thornton has appointed Dave Dunckley as its new UK boss, a month after the company said the current chief will step down by the end of the year.

    In October, UK chief Sacha Romanovitch said she would step down amid reports of criticism of her leadership by partners. She became the first female chief executive of a major UK accounting firm in 2015.

    Mr Dunckley has been with the company since 1998 and his most recent role was on Grant Thornton's strategic leadership team.

    Grant Thornton handles the accounts of Patisserie Holdings , the cafe chain owner, which has been rocked by an accounting scandal and came close to collapse before getting a £20m lifeline from its chairman Luke Johnson.

  8. Apple shares under pressure

    Tim Cook

    Shares in Apple are down more than 3% after a report said the tech giant has cut down on iPhone production orders.

    Citing people familiar with the situation, the Wall Street Journal reported that Apple would slash orders of the iPhone XR, XS and XS Max phones, its three most recently released models.

    According to the Journal, Apple told its suppliers it planned to slash production of the XR alone by a third of the approximately 70 million units it had asked them to build between September and February.

    The firm's stock has been under pressure of late, falling by as much as 20% from an all-time high that brought its market capitalisation to more than $1tn.

  9. Why Bitcoin is falling, again

    Rory Cellan-Jones

    Technology correspondent

    Bitcoin

    After the excitements of last year when the price soared to nearly $20,000 and then tumbled, Bitcoin has been rather dull and stable for much of 2018, settling between $6,000 and $7,000.

    Sceptics like the economist Nouriel Roubini have predicted its demise,while the "hodlers"- those who promise to hold it come what may - remained confident it was heading "to the moon" where they would drive their "lambos". (That's- Lamborghinis for the uninitiated.)

    Now it is tumbling again and while it is never safe to ascribe any one cause to a market movement, bitter rifts in the community around a Bitcoin variant appear to be to blame.

    Bitcoin Cash split off from Bitcoin last year after a dispute about its direction and split again a few days ago in another so-called hard fork.

    Its value has dropped by almost 50% over the last week. It's confusing but think of the People's Front of Judea versus the Judean People's Front and you will get the picture.

    The result is gloom right across the cryptocurrency sector with its many altcoins. We were told that the fact that there was a strict limit of 21 million bitcoins which could be mined guaranteed that this would be a strong and stable currency.

    What nobody seemed to reckon with was that if you could start one cryptocurrency you could start dozens and chaos might then ensue.

  10. 'Enterprise is a force for good'

    In response to Jeremy Corbyn's speech to the CBI conference, its director-general Carolyn Fairbairn says:

    Quote Message: “Firms have made an offer to Labour: to work with business in a new partnership to solve the issues facing the UK and build a truly competitive and fair country. From rigid employment rules to blunt public ownership, the Labour approach sounds more command and control, than partnership. This is not the change that is needed. Labour and business do share an ambition to tackle inequality, but the way to achieve this is through collaboration based on the belief that enterprise is a force for good.”
  11. Watson warns of local news 'crisis'

    Tom Watson and Jeremy Wright
    Image caption: Tom Watson (left) and Jeremy Wright

    Culture secretary Jeremy Wright has been accused of "sleeping on the job" and ignoring an "inevitable crisis in local news" after Johnston Press was put into administration.

    The publisher, which owns titles including the Scotsman and the Yorkshire Post, was bought out of administration by creditors through newly formed company JPIMedia over the weekend.

    But shadow culture secretary Tom Watson told MPs the saga represented a much wider crisis in local news that was being ignored by government. He criticised "tech oligopolies" such as Facebook, and said newspaper proprietors like Rupert Murdoch had more respect for democracy than the likes of social media boss Mark Zuckerberg.

    Mr Wright said Frances Cairncross is carrying out an independent assessment of local news "so that we can consider what action a government can properly take".

    Mr Watson also asked for clarification over reports that company pensions were at risk of cuts.

    The culture secretary responded: "Anyone in receipt of their pension now will continue to be paid, the changes will affect those who are currently in employment and we believe 250 or so in total."

  12. SocGen hit with $1.3bn fine for breaking US sanctions

    Logo

    French bank Societe Generale has agreed to pay US authorities $1.34bn to resolve investigations into its handling of transactions that violated US sanctions, the Federal Reserve has said.

    From 2007 and 2012, overseas offices of SocGen processed billions of dollars in illegal transfers to parties in countries subject to embargoes or otherwise sanctioned by the United States, including Iran, Sudan, Cuba and Libya, officials said.

    The fine will be split between the US Justice Department, the Office of Foreign Assets Control, the New York County District Attorney's Office, and the New York Department of Financial Services.

  13. French government not worried about future of Renault

    enault HQ

    The arrest of Renault boss Carlos Ghosn and his imminent removal from the board of Nissan does not pose a threat to the stability or survival of the French carmaker, France’s finance minister has said.

    Bruno Le Maire told reporters the French government, as a significant shareholder in Renault, remained committed to its partnership with Japan’s Nissan and would decide on future actions in the coming days.

    He declined to comment on the allegations against Ghosn of financial misconduct, saying he should be presumed innocent until proven otherwise, and he declined to say who he thought might take over at the helm of Renault.

    “There is no concern over the stability or the future of Renault,” Mr Le Maire said.

  14. Video content

    Video caption: Labour wants 'permanent' customs union with British say

    The Labour leader tells the CBI about Labour's Brexit plan, which he says "could win support in Parliament " and bring Britain together.

  15. Corbyn: Many voted for Brexit as a protest

    The Labour leader speaks to the CBI conference...

    Jeremy Corbyn says many voted for Brexit in protest at Britain's unbalanced economy, pointing out that many regions still struggle with poverty and a lack of investment.

    He says the vote offers an opportunity to "embrace change" and build a more equal and prosperous society that meets people's "hopes and needs".

    "The fact is wealth hasn't trickled down," he says, adding that most of the country's wealth lies in the hands of a minority.

  16. Corbyn wants 'new settlement' for business

    The Labour leader speaks to the CBI conference...

    “It could not be clearer, business as usual is not working,” Mr Corbyn told the conference.

    “And when the rules of the game aren’t working for the overwhelming majority, the rules of the game need to change.”

    He called for a “new settlement for business and a stronger say for the workforce”, coupled with a government investing faster into infrastructure, education, skills and the technology.