this is the business briefing. i'm ben bland. jailed auto boss carlos ghosn won't be released on bail — as he faces new financial misconduct allegations. he's vowing to clear his name in court. plus — a christmas shutdown looms for the us government, as president trump refuses to sign a funding bill unless congress pays for his border wall. and on the markets, those fears of a shutdown of the government adding to the gloom on wall street. the tech—heavy nasdaq index heading for its first year of losses since 2011. it‘s down almost 20% from its peak— which would put it in bear market territory. he's been in prison for a month — trading a string of luxury homes and a private jet — for a tokyo jail celljust a few metres square. now car industry boss carlos ghosn faces fresh allegations of ‘aggravated breach of trust‘ —

meaning he won't be released on bail as he hoped. in a statement through his lawyer earlier mr ghosn vowed to ‘restore his honour in court‘ and clear his name. he‘s already accused by former employer nissan — where he was chairman — of ‘significant acts of misconduct‘. these include hiding how much money he was being paid — allegedly understating his income by half — some $40 million — since 2010. he has been indicted under japan‘s financial laws for making ‘false disclosures‘ in annual reports — charges that could mean up to ten years injail. his deputy and nissan itself have also been indicted. mr ghosn was the driving force behind the global alliance between nissan, renault and mitsubishi. both japanese firms have now sacked him as chairman — but renault has so far held off — instead appointing a temporary deputy chief executive. mariko 0i is following this for us in singapore.

good to see you. so this latest allegation, this latest charge, aggravated breach of trust, what is that? we don't have too many details just yet. but according to the national broadcaster he is accused of shifting his private investment loss of over $60 million on two nissan, that is just from one source. as we reported yesterday, a court decided that his detention cannot be extended. that is why we we re cannot be extended. that is why we were expecting him and greg kelly, another executive of nissan, to possibly be released on bail. but authorities have decided to rearrest carlos ghosn, he is detention can be extended by another ten days —— is detention. there were some reports

he could be released earlier today. he will now be spending christmas in jailand he will now be spending christmas in jail and possibly the nilla. 0k, thank you for updating us on that. —— the new year. let‘s get more on this story. seijiro takeshita is professor of management at shizuoka university. he joins us via webcam. good too happy us, professor. —— good to have you with us. it is a fresh set of allegations, what do we ta ke fresh set of allegations, what do we take from that? it seems as though the investigation is gathering place, rather than ebbing away. actually, i have a different opinion about that. this was clear bargaining, meaning that the prosecutor should have had a lot of information already, as we speak. 0bviously information already, as we speak. obviously this bree arresting is due to the loss replacement —— this second arrest. it tells me that prosecutors are under pressure. as you reported earlier, with tokyo district court basically rejecting the claim, which is very rare in

japan, less than 4%, where the court basically rejects this, obviously i can feel that the prosecutors are possibly feeling the pressure, especially from overseas and of time. in terms of the next steps for the businesses years associated with, what do now? actually, what nissan really with, what do now? actually, what n issa n really wa nts with, what do now? actually, what nissan really wants is freedom from excessive inclination of the french government. they want to continue with their alliance which had been working quite eloquently. it had been working quite eloquently. i am sure they would like to continue that in order to fight off the competition. but at the same time they do not want to be interfered by they do not want to be interfered by the french government, which basically tried to interfere with the introduction of things. from here on we will see this tug of war

paola balance between the french government and nissan. —— paola balance between the french governmentand nissan. —— in paola balance between the french government and nissan. —— in the paola balance. this disruption comes ata time paola balance. this disruption comes at a time when the car industry is facing headwinds, for example from the global trade tensions already. absolutely. it could not have come ata absolutely. it could not have come at a worse time than this. and the consolidation of the auto industry isa consolidation of the auto industry is a must from here onwards. nissan can‘t go backwards but it is difficult for them to go forward. that is the situation right now. 0k, professor seijiro takeshit, that is the situation right now. 0k, professor seijiro ta keshit, thank you very much indeed. let‘s go to washington, dc where some federal government services face being shut down. this is after president trump refused to sign the government spending bill that was passed by the senate on wednesday. he‘s demanding funds to build a wall on the us mexico border. a new republican bill including $5 billion for the wall has passed the house of representatives but is not expected to get through the senate. if no agreement is reached before a deadline of midnight tonight, services including law enforcement and airport security will run out of money and face being shut down. michelle fleury

in new york explains. it seemed as though it was a done deal. the senate had passed a spending bill that would have kept the government funded until february. everyone could go away for the holidays. there was a degree of calm about this. then the president met behind closed doors with house republicans and announced he would not sign any deal that got to his desk unless it included funding for the border wall. you saw the house republicans scramble, cancel a planned press conference, go away, and it became clear as the day went on that the prospect of a shutdown is very real. michelle fleury in new york. now let‘s brief you on some other business stories. uk car production tumbled by almost 20% in november compared with last year, according to the industry‘s trade body. the society of motor manufacturers

and traders blames weaker demand in the uk and in export markets. it also points to changes in regulation and the introduction of new models and technology — since september new models have been tested under a stricter emissions standards. shares of nike havejumped after its quarterly results beat wall street estimates — partly thanks to growing partnerships with online retailers. the us sportswear giant says revenues for the last quarter were up almost 10% to £95 billion— with online sales surging 41%. marlboro cigarette maker altria is buying a 35% stake in vaping companyjuul labs for almost $13 billion. the deal values san francisco—based juul at $38 billion — more than double its valuation when it raised money from investors injuly. altria says it‘s preparing "for a future where adult smokers overwhelmingly choose non—combustible products over is cigarettes". and now, what‘s trending

in the business news this morning. on business insider, state—sponsored chinese hackers infiltrated ibm and hewlett packard enterprise, then stole their clients‘ secrets — according to sources speaking to reuters 0n cnbc — juul employees to split a $2 billion holiday bonus from altria. the investment by the marlboro cigarette firm means a big payout for staff at the vaping firm — the bonus averages out to $1.3 million perjuul employee. the two founders will become billionaires. 0n the wall streetjournal — some global banks break ties with huawei. hsbc and standard chartered won‘t provide the company with any new banking services or funding after deciding it is too high risk and don‘t forget — let is know what you are spotting online — use the hashtag bbcthebriefing.

that‘s it for the business briefing this hour, but before we go, here are the markets. fresh political turbulence in washington and renewed fears over us—china relations pushed asian markets lower friday, as a global slump sparked by unease over fed policy showed no signs of easing. global stocks were sailing into christmas on a sea of red on friday, as the threat of a us government shutdown and of further hikes in us borrowing costs inflamed investor unease over the economic outlook. oil prices slid just over 4% overnight, bringing brent‘s losses since its october top to 37%. the dollar had suffered its biggest one—day drop on the yen since november 2017 as investors stampeded to safe havens. up next, newsbriefing — we‘ll take you through ther stories making headlines in the global news media today. including:

—— stay with us for that honour bbc news. england‘s top doctor has accused the food industry of failing the public by not doing enough to cut salt and sugar. professor dame sally davies says unless companies improve this, she will urge the government to bring in taxes on unhealthy products. 0ur health correspondent catherine burns reports. the warning is clear— at the moment, society is balance in a way so it is easier to make unhealthy choices and we need to tip the scales the other way. half of all deaths in england are due to four reasons, bad diet, smoking, drinking too much, and a lack of exercise. the chief medical

0fficer lack of exercise. the chief medical officer says we can turn this around, but only if food companies ta ke around, but only if food companies take action. we know the industry are not doing enough to make our food healthy. there‘s too much sugar, too much salt, so far they are failing on this. so if they don‘t get too wet and deliver, we will need government to put in place taxes. and then i have a dream that we could use the taxes raised to subsidise fresh fruit and vegetables for all of us. the government has already introduced a tax on sugary drinks, that came in in april and had raised more than £150 million by the end of october. but many companies change their recipes to cut sugar and so avoid paying the tax. the food and drink federation says its members are making good progress, cutting sugar in the average shopping basket is by 12%. accept that there is more work to be done, but argues that taxing unhealthy food is not the way to do

it. meanwhile, it has been confirmed that the government has allocated £240 that the government has allocated £2110 million less to public health in england next year. catherine burns, bbc news. coming up at 6am on breakfast, jon kay and louise minchin will have all the day‘s news, business and sport, including comprehensive coverage of the drone which continues to cause travel chaos at gatwick airport. this is the briefing from bbc news. the latest headlines: passengers at london‘s gatwick airport are facing a second day of delays. police say they‘re considering shooting down the drone that‘s grounded nearly 1000 flights. us defense secretaryjim mattis is to quit his job. the news comes just a day after president trump said he planned to withdraw us troops from syria. president putin has accused the british political establishment of "disrespecting" the public by not wanting to implement the result of the brexit vote. now it‘s time to look at the stories that are making the headlines in the media across the world.

we begin with the new york times, which reportsjim mattis, the four—star marine general turned us defense secretary, has resigned in protest of president trump‘s decision to withdraw 2,000 american troops from syria, where they have been fighting the islamic state. meanwhile, the arab news says us president donald trump has said the us will not police the middle east and it was time for russia, iran, and the assad regime in syria to play a greater role in fighting the islamic state. the telegraph leads with the chaos which has descended uk‘s gatwick airport. the paper says environmental protesters were suspected of orchestrating the drone attack, that left flights grounded for 2h hours and 100,000 passengers stranded five days before christmas. in the financial times, beijing has been accused of a worldwide campaign of cyber attacks against the us,

britain and their allies, aimed at stealing trade secrets from governments and technology companies, in one of the most wide—ranging cases of corporate espionage on record. and finally, is it true the smartest and most successful regularly wake up at 4am in the morning? the independent showcases a number of humorous tweets in response to a report published in the wall streetjournal, which says that 4am may be the most productive time of the day. reasons behind the increased productivity at such an ungodly hour include: minimal distractions, that no one is emailing or texting you and there‘s less to see on social media. with me isjoel kibazo, who is a partner atjk associates and a former director of communications at africa development bank. he, like many, has been awake since well before 4am and we are grateful to you for that. we‘ll come to that ina to you for that. we‘ll come to that in a moment the let‘s start with the new york times and another senior

trump administration official resigns and his letter setting out his reasons for doing so suggest that his view on policy when it comes to defence could not be further from that of president trump. well, i think it seems as if it isa trump. well, i think it seems as if it is a never ending stream of resignations and i think we are going to continue seeing those over the next few, and maybe actually, then the president will get the kind of cabinet that he actually wants. the theory is, i think this has also affected markets in the us a bit is that generaljim mattis was seen as one of the solid people that sort of the president in check. one of the grown—ups in the room. the president in check. one of the grown-ups in the room. one of the