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Apart from Steve Mnuchin as treasury secretary, Donald Trump has also said he plans to nominate Wilbur Ross as US commerce secretary?

So what do we know about him? According to the President-elect's official announcment Mr. Ross spent 25 years heading up Rothschilds, He has also "successfully grown businesses in the telecommunications, textiles, steel, and coal industries".

Then in 2000, he founded the investment firm WL Ross & Co. 

He was Mr Trump's top economic advisor on trade policy. He also "agrees with President-elect Trump’s plan to bring back jobs, eliminate the trade deficit and make good deals for America’s workers".

Former Goldman Sachs executive Steve Mnuchin has confirmed he will be the new US treasury secretary ahead of an official announcement - what do we know about him? 

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Steve Mnuchin, the former Goldman Sachs executive announced today as the new US treasury secretary, has been speaking at Trump Towers.  

He's talked about implementing the biggest tax cut since Ronald Reagan was President.

And he said that infrastructure "built for the 21st century", as well as less regulation of regional banks, were on his to-do list.

Guardian reporter Mark Sweney tweets:

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Germans are going all-out for gin, the New York Times reports, external.

Hundreds of German gin-makers have sprung up as the worldwide boom in the spirit spreads to the land of beer and schnapps, according to the article.

Exact numbers are hard to pin down, but it says "the nation is giving England and Spain a run for their money in its love of the gin and tonic".  

Investors are betting big that Opec will agree an ambitious production cut worth around 1 million barrels a day. 

It's sent the oil price up 8% to above $50 a barrel, but it could go much higher, according to one oil minister.      

BBC Persian TV business correspondent Amir Paivar tweets:

Business presenter Aaron Heslehurst tweets:

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Sir Philip Green has come under more pressure to "sort out" the BHS pension scheme deficit as a 100,000-name petition is handed in at Arcadia head office in London. 

The shopworkers' union Usdaw called on the tycoon to put forward "significantly more" than the £250m he has offered to make good pensions for thousands of current and former employees. 

General secretary John Hannett said: "Sir Philip Green promised MPs he'd 'sort' the pension scheme back in June, implying that would happen soon. 

"Over five months later, we still don't appear to be any further forward and his derisory offer of £250m quite simply does not go anywhere near keeping his promise." 

BHS collapsed in April, leading to the loss of 11,000 jobs and a £571m pension deficit. Sir Philip controlled the business for 15 years until he sold it to Dominic Chappell in 2015.

It's Prime Minister's Questions in the Commons and PA has been watching:

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The FTSE 100 is racing ahead, adding almost 60 points or 0.85% at 6,841 points.

Following the 7% rise for oil today, it's no surprise that BP and Royal Dutch Shell are among the best performers so far, up more than 4%. 

RBS shares are down 2.6% after faltering in the Bank of England's stress test.

The bank isn't the biggest loser however: outsourcing firm Capita has the wooden spoon, down 6.4%, after being downgraded by both HSBC and RBC.

Today Programme
BBC Radio 4

Tobacco firm Philip Morris is launching a new cigarette that it says is less harmful and could mean it eventually stops selling conventional cigarettes. 

Deborah Arnott, from Action on Smoking and Health, says the evidence on the cigarettes must be independently tested.

She also says Philip Morris should stop marketing conventional cigarettes to new smokers across the world. 

Catherine Snowdon
Business reporter

You may not have heard of additional Tier 1 (AT1) capital, but it came into focus today as the Bank of England released the latest bank stress test results.

CoCos - short for contingent convertible bonds - are instruments that count as additional tier-1 capital for banks. 

These bonds (in effect IOUs from the banks) will convert to ordinary shares or be written down if the bank involved needs to raise capital desperately.  

In other words, these lenders to the banks may not get their money back in full, or on time. 

The provision is contractual - and non-negotiable. 

Both Barclays and Standard Chartered relied on this ability when calculating the impact of the stress test scenario.

The Bank of England highlighted that Barclays did not meet one of the major hurdles of the test before AT1 conversion. It went on to say that while remedial steps (cost cutting and asset sales) were taken, "AT1 capital provides...resilience to very severe shocks".

The AT1 Standard Chartered has issued this year was part of the reason why the bank was not asked to submit a revised capital plan to the Prudential Regulatory Authority.

The question is: how much do investors know about the potential disappearing act their money could perform when buying these instruments?  

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Steven Mnuchin, a Wall Street veteran with ties to Hollywood, said Donald Trump has named him to be US Treasury secretary. 

Billionaire Wilbur Ross (pictured with Trump) has confirmed that he had been asked to run the Commerce department.

"We're thrilled to be here and we're thrilled to work for the president-elect and honored to have these positions," Mnuchin told CNBC. 

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A tale of two economies: 

India posted economic growth of 7.3% for the three months to September - slightly higher than the previous quarter.

Brazil, in contrast, managed a 0.8% contraction for the same period - the seventh consecutive quarterly decline.

However, India might find the final quarter of the year a bit more difficult following the chaos caused by the decision to axe high-value rupee notes.

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Greene King has reported a 9% rise in pre-tax profits to £92.5m. The pub owner and brewer posted record half-year revenue, but warned of a "more challenging" consumer environment as regulatory costs and weaker economic growth hit the industry. 

Group revenue rose 13.8% to £1.04bn for the 24 weeks to 16 October, boosted in part by the ahead-of-schedule integration of its newly acquired Spirit Pub Company. 

Greene King, which brews beers like Old Speckled Hen and Belhaven Best, bought Spirit in a deal worth £774 million last year, creating one of the UK's largest pub groups.

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Shares in property website Zoopla have shot up following robust full-year results.

It said profit were 38% higher than last year at £46.2m. Shares are 7% higher at 341.2p. 

Alex Chesterman, founder and chief executive, says Zoopla aims to provide "the most useful resources for consumers when finding, moving and managing their home".

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More on that tobacco ruling. In May, cigarette makers suffered what anti-smoking campaigners described as a "crushing defeat" at the High Court. The day before new plain-packaging regulations come into force, a judge in London declared they are "valid and lawful in all respects". 

Mr Justice Green rejected a judicial review action brought against the Health Secretary, Jeremy Hunt. Leading companies then took their case on to the Court of Appeal. But today, three judges in London rejected their challenge against the High Court's decision.

A number of companies, including British American Tobacco, Imperial Tobacco and Japan Tobacco International, challenged the legality of the "standardised packaging" regulations. 

They argued that the Standardised Packaging of Tobacco Products Regulations 2015 would destroy valuable property rights and render products indistinguishable from each other. 

Dismissing the appeal, Lord Justice Lewison, Lord Justice Beatson and Sir Stephen Richards ruled that the Health Secretary had "lawfully exercised his powers".

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A spokeswoman for the Information Commissioner's Office, which is responsible for enforcing the Data Protection Act, has told the BBC it is "aware" of the Camelot 'hacking' incident.

"We have launched an investigation. Camelot submitted a breach report to us last night which we have reviewed. We will be talking to Camelot today. 

“The Data Protection Act requires organisations to do all they can to keep personal data secure – that includes protecting it from cyber attacks. Where we find this has not happened, we can take action. Organisations should be reminded that cyber security is a matter for the boardroom, not just the IT department.”

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RBS shares are now down 4.1% and it is still the "weak link" in the UK banking system, says Laith Khalaf, at Hargreaves Lansdown. 

"On the face of it the bank currently has a high capital buffer, but the 2016 stress test reveals that under extremely severe economic conditions, that would quickly be eroded," he says.

"Unlike most of its peers, RBS doesn’t have the luxury of a dividend which it can cut to support its capital position. The bank is still in the process of restructuring its business, not to mention spinning off Williams & Glyn, as well as facing potentially hefty misconduct costs in the US, all of which serve to weaken its hand."