Summary

  • Nasdaq edges higher as Dow Jones slips

  • Barcelona signs €220m sponsorship deal with Rakuten

  • UK unemployment hits 11-year low

  • Sterling treads water while FTSE ends lower

  1. Barca shirt deal 'biggest globally'published at 15:46 Greenwich Mean Time 16 November 2016

    Leisure Correspondent for the FT tweets...

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  2. Barcelona signs €220m sponsorship deal with Rakutenpublished at 15:30 Greenwich Mean Time 16 November 2016

    Lionel MessiImage source, Getty Images

    Barcelona FC has signed a four-year sponsorship deal with Japanese internet retailer Rakuten.

    The agreement will see Rakuten replace Qatar Airways on the front of Barca's shirts from the start of next season and, according to fcbarcelona.com, will earn the club €55m a year. 

    Interestingly, Barcelona president Josep Maria Bartomeu revealed that Barca defender Gerard Pique and his popstar wife Shakira helped negotiate the deal with Rakuten chief executive Hiroshi Mikitani.

    "Gerard Pique and his wife Shakira are very close friends with Mr Mikitani," Bartomeu said. 

    "It was in the summer of 2015, Gerard organised a dinner in San Francisco during our summer tour. At that dinner we met Mr Mikitani, who was, for us, an incredible person."

  3. The mysterious 1,500% rise in DryShips shares...published at 15:17 Greenwich Mean Time 16 November 2016

    The DryShips websiteImage source, DryShips

    Why have shares in an obscure company called DryShips risen by more than 1,500% on the US Nasdaq market in the past week?

    It seems to be an unusual combination of factors.

    The Greek firm operates bulk cargo ships. It has been in deep financial trouble, trying to renegotiate its bank loans.

    However Donald Trump’s election victory has led to a 25% rise in something called the Baltic Dry Index, a shipping industry measure of demand for bulk cargo vessels.

    The prospect that things might improve for this firm has freaked out investors who had been selling shares in the firm that they did not own (a bet known as short-selling) because they had expected the company to go under.

    Now, as things are suddenly looking up, the short-sellers have been trying to reverse their positions, and instead buy the shares back to meet their bets.

    This share price surge has therefore become a self-fulfilling prophesy, driving the shares up to ridiculous levels.

    Other shipping firms on Nasdaq have also seen big share price rises.

  4. Toblerone, the symbol of Brexit?published at 15:04 Greenwich Mean Time 16 November 2016

    Toblerone bars

    The new, smaller Toblerone bars have had many consumers crying over their chocolate - and a Scottish National Party MSP wants to do something about it. 

    Colin Beattie has lodged a motion at Holyrood calling on the UK government to "take speedy action" over the reduction in weight of the bars.

    For those who missed it Toblerone's US maker, Mondelez, has widened the gaps between the segments in some bars (reducing their weight), blaming the move on the slump in the pound since the Brexit vote.

    Mr Beattie's motion states: "The [Scottish] parliament notes with concern Mondelez International's recent decision to widen the gaps between the segments of the iconic Swiss chocolate bar, Toblerone, in the UK; understands that this was made in order to allay rising costs for numerous ingredients; believes that this is emblematic of the devastating consequences that Brexit could bring; offers its condolences to those mourning this change to the bar; calls on the UK government to take speedy action to rectify the change, but wishes the company the best possible success with the lighter bar."

    Scottish Conservative MSP Murdo Fraser responded dryly: "Given the grief Mr Beattie is suffering over the scaling-down of Toblerone, the Scottish Conservatives pledge today to buy him some good Scots chocolate, like a pack of Tunnock's tea cakes which - regardless of Brexit - remain as delicious and substantial as always."

  5. Trump party over for Europe's markets?published at 14:52 Greenwich Mean Time 16 November 2016

    Quote Message

    [European] equities are nursing small losses [today] as excitement eases about US Trumpflationary policies representing a turning point and looming political risk in Europe attracts fresh attention. An Italian referendum on constitutional reform could see PM Renzi ousted. Austrian elections (third attempt) could see the far-right Freedom Party take power. Both take place on 4 December and, after Brexit and Trump, could add important populist precedents ahead of 2017 French and German elections given rising popularity for Le Pen's National Front and the Alternative for Germany party, respectively.

    Mike van Dulken, Head of research at Accendo Markets

  6. Wall Street markets open lowerpublished at 14:41 Greenwich Mean Time 16 November 2016
    Breaking

    US tradersImage source, Getty Images

    The main US markets have opened down, despite each closing higher at the end of yesterday's session.

    In the opening minutes of trade, the Dow Jones is up by 0.26% at 18,873.07 points, the S&P500 is 0.2% lower at 2,175.98 and the Nasdaq is 0.16% lower at 5,267.37.

  7. Savers to be warned about risks of Lifetime Isaspublished at 14:31 Greenwich Mean Time 16 November 2016

    A family eatingImage source, Thinkstock

    A UK financial regulator says the new Lifetime Individual Savings Accounts (Lisas) should carry a series of warnings to consumers.

    Lisas are due to launch in April 2017, with the promise of big bonuses for those who use the money to save for a home or retirement.

    But the Financial Conduct Authority (FCA) said, external there is a danger that some people will not fully understand them.

    Like other financial products, there can be risks to consumers, it said.

    Read more.

  8. Autumn Statement: The view from Scunthorpepublished at 14:21 Greenwich Mean Time 16 November 2016

    BBC News Channel

    This week BBC News has been visiting businesses across the country to find out what they would like to see in next week's Autumn Statement. Today the BBC's Sarah Corker spoke to Shay Eddy, who runs a steel business in Scunthorpe.

    Media caption,

    Autumn Statement: The view from Scunthorpe

  9. Globalisation needs 'course correction'published at 14:11 Greenwich Mean Time 16 November 2016

    President ObamaImage source, Getty Images

    Globalisation has many benefits for the world, but needs a "course correction" to address growing inequality, US President Barack Obama has said in an eagerly-awaited speech in Athens.

    The President, who is undertaking a European farewell tour, said: "When we see people, global elites, wealthy corporations seemingly living by a different set of rules, avoiding taxes, manipulating loopholes... this feeds a profound sense of injustice". 

    During the trip, the outgoing president has repeatedly referred to the anger that has fueled populist movements in Europe and the US, leading latterly to Donald Trump's election win. 

    On Tuesday he cautioned the world must guard against "a rise in a crude sort of nationalism or ethnic identity or tribalism that is built around an 'us' and a 'them'". 

  10. Dollar strength 'likely to continue into 2017'published at 13:53 Greenwich Mean Time 16 November 2016

    Dollar billImage source, Getty Images

    US President-elect Donald Trump's unexpected win has led to a stronger dollar but higher bond yields, Nordic corporate bank SEB points out.

    "We believe the stronger dollar is likely to last and we have raised most USD-forecasts," said SEB analyst Richard Falkenhall. 

    “Since the presidential election the dollar has outperformed all currencies except GBP, which was massively oversold on increased risk of a hard Brexit prior to the US election.

    "Currencies which have performed better since the US election (although still more poorly than the USD) are either those that are likely to benefit from stronger US growth, such as the Canadian dollar, or those that were subject of extreme market positioning prior to the vote, such as the Swedish krona and sterling."

  11. Car maker 'hired superhero flick designers'published at 13:36 Greenwich Mean Time 16 November 2016

    Is this a case of life imitating art? Fiat Chrysler hired the special-effects designers behind Marvel film "Captain America: The Winter Soldier" to come up with concepts for real-world computer displays for its cars, the Wall Street Journal reports, external.

    In a Jeep concept car displayed at CES, "the cockpit’s animated displays, projecting vehicle speed along with highlights of the route and dangers ahead, would feel familiar to Marvel’s Nick Fury," the article says.  

  12. Small firms want superfast broadbandpublished at 13:21 Greenwich Mean Time 16 November 2016

    Fibre optics representing broadband connectionsImage source, Thinkstock

    Reaction is still coming in to the jobs figures. This time it's from Mike Cherry, National Chairman at the Federation of Small Businesses, who says more people in work is testament to the hard work of small businesses. 

    "The fall in the unemployment rate is especially welcome," he adds. Those moving from unemployment into work are much more likely to become self-employed or work for a small business than a large business.

    However, like his counterpart at the CBI, he too takes the opportunity to lobby the Chancellor Philip Hammond ahead of next week's Autumn Statement.   

    “If progress is to continue, the government must use the Autumn Statement to support small firms and the self-employed. That means prioritising much-needed infrastructure investment, including access to superfast broadband, and making clear there will be no increase in the small business tax burden. Small businesses need [the] government to reaffirm the commitment to permanently increase business rate relief," he says. 

  13. Canada Brexit trade deal 'to be founded on Ceta'published at 13:06 Greenwich Mean Time 16 November 2016

    Canada's Finance Minister Bill MorneauImage source, Getty Images

    Canada's finance minister Bill Morneau has said he is positive about a post-Brexit trade deal with the UK, and that it will be founded on the basis of Ceta.

    The trade deal between Canada and the EU was long-delayed, and signed in Brussels in October.

    "We know that we have to be attentive to what is going on in the UK with Europe and watch how they conclude their relationship," Mr Morneau said.

    "We know that discussion will precede any discussion with Canada... We believe that our discussion with the UK will be a positive one... and will be founded on the basis of Ceta." 

  14. Poverty risk to children in the UKpublished at 12:58 Greenwich Mean Time 16 November 2016

    Douglas Fraser
    Scotland business & economy editor

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  15. 'Protesters seize installations at Anglo's Los Bronces copper mine'published at 12:49 Greenwich Mean Time 16 November 2016

    About 100 hooded protesters have entered Anglo American's Los Bronces copper mine in central Chile, "seizing installations and setting up flaming barricades", the Reuters news agency reports.

    "Anglo American said it was still evaluating any potential impact on production," Reuters says.

  16. What are the odds?published at 12:37 Greenwich Mean Time 16 November 2016

    Joe Lynam
    Business correspondent

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  17. FTSE 100 lunchtime updatepublished at 12:28 Greenwich Mean Time 16 November 2016

    Let's check on what's happening to the FTSE 100  - and a short while ago it was still trading down at 6,752.07, a fall of 40.67 points or 0.6%.

    The biggest faller was still Barratt Developments,down by 3.91%,  following its comments about falling property prices at the top end of the London market. 

    Rolls Royce was down by 2.58% following the release of its trading update. The jet engine maker said costs savings would be at the upper end of its target range this year in the face of tough conditions in some markets. 

  18. Sterling treads water despite jobs figurespublished at 12:15 Greenwich Mean Time 16 November 2016

    The pound's earlier gains have ebbed away and it's now down slightly against the dollar.

    At midday it was trading at $1.2425 - that's a fall of 0.24%. 

    However, it's clinging on against the euro - although it's pretty flat, with £1 worth €1.1616, a tiny gain of 0.03%.

    The lack of movement came despite the jobs figures showing that the UK jobless rate is at its lowest level for 11 years. It seems the Brexit vote continues to be to the biggest influence on traders' mood. 

  19. CBI calls for more investmentpublished at 11:55 Greenwich Mean Time 16 November 2016

    The employers' organisation, the CBI, has seized on the latest jobs and productivity figures to again lobby the Chancellor of the Exchequer ahead of the Autumn statement. 

    Here's what its deputy director-general had to say.  

    Quote Message

    While the labour market remains in decent health there are some concerning trends, such as the increasing claimant count. With the economy entering a more challenging phase, businesses are already changing processes to increase their productivity, and will be looking for measures to support their efforts in next week’s Autumn Statement, such as investment in innovation and infrastructure.

    Josh Hardie, Deputy Director-General, CBI

  20. Inky fingerspublished at 11:42 Greenwich Mean Time 16 November 2016

    Man holding up 500 rupee note at bankImage source, AFP

    India is using indelible ink to ensure people get only one chance to change their big bank notes.

    Prime Minister Narendra Modi scrapped 1,000 (£11.8) and 500 notes in a surprise move last week as part of a tax evasion and corruption crackdown.

    People have a limited time to exchange the notes for smaller denominations, but will have their fingers marked.

    Authorities often use indelible ink to stop people from voting more than once in Indian elections. 

    Read more here