this is the business briefing. i'm sally bundock. the price of the black stuff could be on the rise again as oil producers get ready to cut production and says demand will soon outstrip supply. the $30 billion frenzy. alibaba's singles day hits yet another record high but the annual retail event's growth drops to its slowest rate ever. and on the markets: oil prices are heading higher this morning, after major crude producers said supply next year would outstrip demand and called for new strategies based on production adjustment. opec and non—members met in in abu dhabi over the weekend to examine how to stop

a sharp slide in prices. a final decision is expected only when the ministers meet in vienna on december the 5th. opec currently produce about 33 million barrels every day. these are the two most powerful players in the organisation — mohammed barkindo — opec's secretary general, and khalid al—falih — saudi arabia's oil minister, who said the kingdom is ready to cut its production by 500,000 barrels per day. and khalid al—falih — saudi arabia's oil minister, who said the kingdom is ready to cut its production by 500,000 barrels per day. but the us and russia are also major producers — at a rate of around 11 million barrels per day each. and the us especially has been supplying so much more oil to the global market that it's dragged the price down. as you can see, it's been a very bumpy ride for crude in the past year. spencer welsh, director

at 0il markets & downstream, energy, ihs markitjoins me now. good morning. tellers is a little bit more about what we learned, about what might happen next in terms of opec from their meeting. —— tell us. the interesting thing is backin tell us. the interesting thing is back in german, opec were concerned about overheating and the price going up. —— back injune. they said, everybody produces much as they can. now the opposite is happening, 20% price drop, they are worried. they met yesterday and the press statement was yes, they are worried that there is an oversupply and they may cut production but no decision has been made until they are six months before the formal meeting. they are worried about the fa ct meeting. they are worried about the fact there might be too much oil in

the global markets and it's another fall. it really rocked the market a year ago. what about the issue with iran? sanctions in place, us sanctions on iran. that will cut back its supply quite significantly? there must be factoring matting, they are a member. absolutely. november the fifth, the decision was made as stations were passed by the united states. what's happened in the last couple of weeks is that the united states has started to issue some waivers is now the view is that sanctions may have less effect than originally thought and that is one of the things that caused the oil price to drop from $86 five weeks ago to $70 now. what is your outlook in 2019? what may —— what might they decide in vienna? both the high

price by weeks ago in the sudden drop, they are both over reactions to whether market should be somewhere in between and the market will correct. there may be artificial stimulus from the opec meeting. it's quite likely there will be easing back on production, particularly from saudi arabia. we view the price to be around $80, so somewhere in between the recent high and low in 2019. some are predicting we could be looking at oil around $100 a barrel. you don't agree? nothing is impossible. one of the key things is because of the iran sanctions, there is limited spare production capacity. if there was an unplanned outage, there is not much to ta ke unplanned outage, there is not much to take up the slack. i think the volatility we have seen is becoming more the norm. spencer, thank you.

volatility becoming the norm, that is something we are seeing quite often. china's alibaba pulled in a record $30.7 billion in sales during yesterday's 24—hour online retailfrenzy singles' day. let's go to our asia business hub where rico hizon is following the story. i bought your christmas gift on singles day, it is on its way. i bought your christmas gift on singles day, it is on its waylj hope singles day, it is on its way.|j hope you got a bargain, i look forward to receiving it. $30.7 billion sales in one day yet growth is slowing? it was a shopping bonanza nevertheless. some 180,000 brands available. the e—commerce giant hita brands available. the e—commerce giant hit a record $1 billion in sales injust 85 giant hit a record $1 billion in sales in just 85 seconds and $10 billion in the first power of this 24- billion in the first power of this 2a— hour shopping spree. shoppers

from china and across the world snapped up hot items like iphones, furniture is, milk powder, cosmetics but despite the record haul, the annual sales growth rate fell from 39% to 27% at below and have estimates and the slowest rate in the event's ten year history. with an increasing number of promotion events per year, consumers no longer feel that singles day is the only opportunity to get good bargains. alibaba is also facing new challenges. new rivals in the market. a slowing economy and stock dropping 16% thanks to china's trade war with the united states. singles day is the world's biggest on line sales event, outstripping us shopping holidays like black friday and cyber monday combined. despite the drop, alibaba's singles day is

still the leader in these kinds of e—commerce and events. still the leader in these kinds of e-commerce and events. they have nailed it, as they say. so good to see you. europe's biggest technology company, sap, has agreed to buy qualtrics international for $8 billion in cash, pre—empting the us enterprise software company's plans to go public. this is sap‘s largest deal to date topping its 2014 acquisition of concur technologies for $7.2 billion. italy's economy minister is looking to revise down his country's budget growth forecast for next year to try to reach a deal with the european commission over fiscal policy — according to a governement source. the commission rejected italy's fiscal plan for 2019 last month and gave rome until tuesday to present a new budget. he's widely known in culinary circles as one of the original bad boy chefs. marco pierre white was the youngest

to receive the highest accolade — three michelin stars, only to return them four years later. these days, he's focusing on running restaurants around the world, including one in singapore. we caught up with him to find out what it takes to run a top restaurant. number one, it's the environment you sit in. the lighting. but i must be amused. the table you are sat it. number two, the service a smile. number two, the service a smile. number three, food to a good standard at a price point because we are in the business of selling a night out, in the business of selling fun. in a world where eve ryo ne selling fun. in a world where everyone work so hard and we have stress in our life, we go to a restau ra nt stress in our life, we go to a restaurant to relax, to have fun, to enjoy ourselves.

iama boy i am a boy who is fuelled by his dreams, by his fantasies. when i came to english house, it was derelict. all we had left was a small piece of it so we replicate it. then we bought in individuals who create filmset designs to paint it. it was all decayed so we took a piece often replicated it so wherever possible, we replicate so it's being sensitive. for me, the building dictated what we do, but i do. it's that yen and yang all the way. the british were here for a while and you see that influence. a lot that combination of the finest of singapore and then the finest of england. winning three stars is a very exciting journey. returning them is

the most boring journey on earth. fortu nately the most boring journey on earth. fortunately i was very young when i won three stars so it allowed me to evolve and develop into something else. as i say, i like working with my team and developing and making and creating. i suppose like expressing. i'm not in the business of selling lies, i'm in the business of selling lies, i'm in the business of selling lies, i'm in the business of selling policy and that's why get back my stars. i didn't want to live a lie and pretend i cook when i don't cook, to charge high prices, question my integrity in the picture. career is something which is very personal and you have to be honest to your clients, it's as simple as that. —— cooking. interesting, giving back those stars. those market boards we had at the beginning of the business briefing were actually probably thursday's end of trade in asia. apologies if that sent shivers down

your spine. we have marginal gains in asia tomorrow. when we can show you them, we will. last night more than 1,000 beacons were lit across britain as the queen attended a remembrance service at westminster as part of commemorative events marking the 100th anniversary of the armistice that ended the first world war. our royal coresspondent nicholas witchell looks back. it was the day britain remembered a warfrom a century it was the day britain remembered a war from a century ago. it was the day britain remembered a warfrom a century ago. at westminster abbey last night, the queen stood with the german president as flowers were laid at the grave of the unknown warrior, the grave of the unknown warrior, the anonymous soldier whose body had

been brought back from the western front to line a place of honour and represent all those british servicemen who lost their lives in the great war. earlier, at the cenotaph, britain's national memorial to its war dead, the queen had watched from a balcony as britain's political leaders had taken their positions in readiness for the two—minute silence when those who died in the two world wars and more recent are remembered. the last post plays. after the sounding of the last post, the prince of wales labour queen's reeth. he was followed by other members of the royal family. and then after the formal wreath laying and the vetera ns formal wreath laying and the veterans march past ten the people's march, an opportunity for 10,000 people to pay their often personal tributes to ancestors they've never known but whose memories they cherish. a century may have passed

since the great war ended. no more are their witnesses who can testify from personal experience to its horrors, but britain showed once again that the will to remember remains strong. so many moving tributes throughout the day. coming up at six o'clock on breakfast dan walker and louise minchin will have all the day's news, business and sport. this is the briefing from bbc news. the latest headlines: the bbc has launched a major initiative to tackle the spread of fake news. as part of an in—depth investigation, it's found evidence of russian disinformation which could worsen relations with the united states. wildfires raging in california have become the deadliest in the state's history — the governor has urged president trump to declare a major disaster. now it's time to look at the stories that are making the headlines in the media across the world.

we begin with the times and her majesty the queen who led commemorations as britain marked the centenary of the armistice, 100 years to the moment after the guns fell silent at the end of the first world war. nearly all of front pages in the uk have the armistice memorial on the front page. meanwhile, the atlantic focused on armistice ceremonies in france and president emmanuel macron's speech where he rejected nationalism and reinforced his deep commitment to multilateralism. his message is seen as being at odds to us president donald trump's world view and the so called bromance the leaders previously enjoyed appeared absent in paris. the independent leads with brexit and uk prime minister theresa may who has been forced to abandon plans for an emergency cabinet meeting to approve a brexit deal this comes after fresh opposition at home and abroad plunged her timetable into turmoil. bloomberg says opec and its allies have started laying

the groundwork to cut oil supply in 2019, reversing an almost year—long expansion. saudi arabia is believed to be reasserting its role as swing producer by announcing fewer shipments from next month. and finally what is the best way to ditch a dead—end job? well the ft explains how for less than $500 a japanese company will now assist workers who are feeling too intimidated or embarrassed to hand in their notice in person. the company exit wants to help change the culture surrounding resignations in japan, in that it is wrong or shameful