Chinese property giant crisis deepens as third executive arrested – latest updates

Channel 4 is preparing to axe more than 200 jobs as it tries to address a slump in television advertising, it has been reported.

Bosses are seeking to reduce its £108m wage bill after staff numbers swelled to a record 1,200, according to the Guardian.

Elsewhere, Britain is more attractive than Europe for manufacturing firms, factory bosses have said, as “a newfound sense of optimism” sweeps the industry.

Most manufacturing chiefs believe the UK is now a competitive location for their business, according to a new report from industry group Make UK and PwC, and is set to pull further ahead of European rivals.

The majority of bosses also believe Britain’s competitive edge over Germany, France, Italy and Spain will grow rather than shrink this year, the report found.

5 things to start your day 

1) OpenAI warns copyright crackdown could doom ChatGPT | Ban on use of news and books to train chatbot risks making services ‘impossible’ to create

2) Belstaff reliant on Sir Jim Ratcliffe to stay afloat as losses mount | Iconic British jacket brand faces ‘material uncertainty’ after £28.9m hit

3) Rise in dementia cases risks sparking jump in family legal battles | Lawyers warn over surge in care and inheritance disputes as prevalence of illness grows

4) Musk denies drug use claims amid concern from Tesla executives | The entrepreneur said that in three years of random drugs testing “not even trace quantities were found of any drugs or alcohol.”

5) Oil and gas will power Britain for decades to come, says North Sea Transition chief | Interview: Stuart Payne on why new drilling licences are crucial for the UK’s energy security

What happened overnight 

Leaders in the US Congress announced a top-level deal on spending totals, opening the way for more detailed talks on the substance of fiscal packages, and potentially reducing the chance of a shut down of parts of the American Government later this month.

President Joe Biden said the $1.6trn federal spending limit agreed by the Democratic and Republican leaders in Congress “moves us one step closer to preventing a needless government shutdown and protecting important national priorities.”

But a more detailed deal needs to be negotiated and passed before 19 January to avoid parts of the public sector running out of money.

Meanwhile, major Asian stock markets retreated after Wall Street logged its worst week since Halloween.

Oil prices fell after Saudi Arabia on Sunday cut oil prices to Asian markets to their lowest level in 27 months.

Hong Kong’s Hang Seng sank 1.9pc to 16,187.00, led by technology shares, which dropped 2.4pc. The Shanghai Composite index slipped 1.2pc to 2,894.58.

China announced sanctions Sunday against five American defense-related companies in response to US arms sales to Taiwan and US sanctions on Chinese companies and individuals. The announcement was made less than a week ahead of a presidential election in Taiwan that is centred around the self-ruled island’s relationship with China, which claims it as its own territory.

In South Korea, the Kospi shed 0.2pc, to 2,572.41, and Australia’s S&P/ASX 200 lost 0.5pc to 7,453.40.

Taiwan’s Taiex gained 0.5pc, while the SET in Bangkok was 0.5pc lower.