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Summary

  1. All of the morning's business headlines and breaking news.
  2. Chinese inflation falls to a five-year low
  3. Four staff at FCA City watchdog to lose bonuses

Live Reporting

By Ben Morris and Howard Mustoe

All times stated are UK

  1. Post update

    Howard Mustoe

    Business reporter

    That's all from today. Thanks for joining us, and remember to come back tomorrow from 06:00. We are expecting official figures on on tourism, SuperGroup results and the usual mix of surprises. Join us.

  2. FCA report

    Some reaction from Andrew Tyrie MP, Chairman of the Treasury Committee: "The FCA Board originally intended to hold an internal inquiry, with some 'external support'. This was plainly unacceptable - the regulator could not be permitted to investigate its own misconduct."

  3. Airbus delivery delayed

    Airbus A350

    Airbus was supposed to deliver its new Airbus A350 to Qatar Airways on 13 December. That delivery date has been postponed and no new date has been set. Qatar Airways is the biggest customer for the jet. Relations between the firms have been fraught - earlier this year Qatar Airways delayed taking delivery of an Airbus superjumbo due to a dispute over cabin fittings.

  4. TUI Travel

    tui

    German tourism and travel giant TUI said sales and underlying profits were on course to grow this year and likely be helped by its planned merger with its British business. Earnings before interest payments, tax and accounting movements will rise as much as 15% to about €1bn (£789m).

  5. Via Twitter

    Adam Parsons

    Business Correspondent

    "FCA boss Martin Wheatley loses bonus of up to £115,000. So - normally, he DOES get a bonus of up to £115,000..."

  6. FCA report

    fca

    The FCA's bungle revolved around a briefing given to The Daily Telegraph which said the FCA would investigate whether savers had been unfairly locked into pension products. Panicky investors were worried about a PPI-style mis-selling scandal and dumped shares in insurance firms. Today's report, blamed head of supervision Clive Adamson, FCA head of media Zitah McMillan and head of markets David Lawton for failing to tell chief executive Martin Wheatley about the drop in share prices.

  7. FCA report

    Britain's markets regulator, the Financial Conduct Authority was wrong to brief a reporter about an insurance sector probe and "seriously inadequate" in how it reacted to the following sell-off in insurance shares, an independent inquiry said. Simon Davis, a lawyer at Clifford Chance, was asked to look into how the FCA handled its announcement of the insurance review.

  8. HSBC FX head

    HSBC has let go of its head of foreign exchange trading for Europe, Middle East and Africa, Stuart Scott, the BBC understands. HSBC is among banks involved in a global investigation into the rigging of currency markets.

  9. Oil slips and slides

    oil

    To put all this oil news in the context it deserves, the BBC's very own Russell Hotten has been looking at how the industry has reacted to cheaper oil, particularly from the perspective of cost-cutting giant BP. Read more on the BBC News website.

  10. Via Twitter

    Douglas Fraser

    Business and economy editor, Scotland

    tweets: Stagecoach today signed the contract on taking over east coast rail franchise. Won't please those wanting it to stay govt run.

  11. Airline profits

    iata

    Global airline association IATA has raised its profit forecast for airline companies to $19.9bn (£12.7bn) for 2014, up from $18bn, and $25bn for 2015, as plunging oil prices drive down costs. "Lower oil prices and stronger worldwide GDP growth are the main drivers behind the improved profitability," IATA said in a statement.

  12. Air ticket prices

    BBC World News

    Anthony Tyler, IATA

    Airline ticket prices will fall on average by 5.1% next year according to the airline trade body IATA. Anthony Tyler, IATA chief executive tells World Business Report that airlines are probably not seeing the benefit of falling oil prices in their fuel bills just yet, but they will be feeling it quite soon. It also depends on how airlines have hedged against changes in fuel prices. Profit margins remain thin, rising to 3.2% next year from 2.8% this year, he says.

  13. Tax 'scandal'

    Here's some of the reaction to the story from The Guardian and others from the Luxembourg ministry of Finance: "As with previous publications ("Luxleaks"), the way in which these documents were acquired is highly questionable... As previously stated on numerous occasions, Luxembourg agrees that the legitimacy of certain mechanisms, which are compliant with international and national law, can be put in doubt from an ethical point of view...."

  14. China's air travel boom

    Airbus jets

    Kerching! China will need more than 5,300 aircraft over the next 20 years, according to a forecast from Airbus today. Over that period China will become the leading country for air passenger travel and supply the most international flyers. The expansion represents around $820bn of sales up to 2033.

  15. Ferrari move?

    Ferrari 458 Speciale A

    An intriguing line from Bloomberg. It reports that Ferrari is considering moving its "fiscal residence" away from Italy. The article speculates that Ferrari may follow parent company Fiat Chrysler, which is registered in the Netherlands and listed on the New York Stock Exchange. The move would be "symbolic blow" for Italy, the report says.

  16. UK trade figures

    Port of Felixstowe

    More on those UK trade figures. Maeve Johnston at Capital Economics says there are "reasons to be optimistic" about the outlook as UK exports are "competitively priced in foreign currency terms" and exporters are turning to faster-growing markets outside the European Union.

  17. UK trade figures

    Trade deficit

    The UK's deficit on trade in goods and services was £2bn in October, down from the £2.8bn deficit in September, according to the Office for National Statistics. As the chart above shows, over the last year the monthly deficit has been bouncing around between £4bn and £2bn.

  18. Oil projects under threat

    Suncor tar sands, Alberta

    More than 12% of global oil production would be uneconomic if the projects were to start now and at today's prices, according to research from Energy Aspects and reported in today's Financial Times. Projects in Canada's oil sands have a break-even price of $80 a barrel and Brazil's deepwater fields $75, the article says.

  19. Tax 'scandal'

    The Guardian

    On the front page of the Guardian today: "Skype and Disney revealed among tax scandal firms." Secret tax documents obtained by the International Consortium of Investigative Journalists have revealed further complicated legal structures which allow big companies to reduce their tax bills, the report says. Disney, Skype have been exposed by the documents, according to the Guardian.

  20. Greek stocks

    bloomberg

    Greece's main share index is down 2.4% following that steep drop yesterday. Lenders Piraeus, National Bank of Greece and Alpha Bank led the declines.

  21. BP strategy

    BP logo

    BP will spend $1bn restructuring its business, the company said today. It also moved to calm investor fears over the slump in oil prices. "Importantly, while BP approves projects at $80 a barrel, it also already tests each at $60 a barrel to understand the resilience of the portfolio at a range of prices. It will also continue to consider lower price sets as appropriate," it said.

  22. Pirate Bay

    pirates

    Pirate Bay, the file sharing website from Sweden, was shut down after Swedish police seized servers in Stockholm. "We had a crackdown on a server room in Greater Stockholm because of a copyright infringement, and yes it was Pirate Bay," Paul Pinter, national coordinator, intellectual property crime at Stockholm County Police told Reuters.

  23. Standard Chartered

    US prosecutors have extended Standard Chartered's deferred prosecution agreement until 2017. The deal was made with the US Department of Justice and the New York County District Attorney's Office in 2012 and included fines of $667m after the lender was accused of US sanctions violations. The bank will have to keep a monitor in-house to evaluate its compliance with the rules.

  24. Market update

    The FTSE 100 is higher in the early going, up 0.3%. The falling oil price continues to help airline shares.

    • EasyJet up 0.7%, IAG Group up 1%
    • Ashtead jumps 7% after raising profit forecast
    • Tesco down 1.2% after Tuesday's plunge
  25. PZ Cussons outlook

    soap

    Soap maker PZ Cussons says profit for the first six months of the year was higher in Europe and Asia but down in Africa after a drop in the value of the Nigerian Naira. That sent operating profits down 4% compared to a year ago. "The macro environment in Nigeria in the second half, which includes the February presidential elections and potential further currency volatility, will be a key contributing factor to the overall result for the full year," it said.

  26. Via Twitter

    Adam Parsons

    Business Correspondent

    "Omid Kordestani standing down from board of Vodafone in order to focus on his role at Google"

  27. Energy refunds

    Radio 5 live

    "We are busting a gut ... we are going the extra mile," says Lawrence Slade, chief operating officer of Energy UK which represents the big energy firms. He is referring to a renewed effort to reunite customers with money that energy firms are still holding, for one reason or another. Get in touch with them with as much information as you can, Mr Slade recommends on Radio 5 live.

  28. France reform

    BBC World News

    French economy minister, Emmanuel Macron

    French people may get the chance to shop on a Sunday under reforms being unveiled by the economy minister on Wednesday. Emmanuel Macron is also set to deregulate some professions and industries. But on World Business Report the BBC's Hugh Schofield in Paris says there are no measures to tackle big issues, like reform of the labour market. He says Mr Macron is obviously motivated by a desire "to get Brussels off his back".

  29. Oil slips and slides

    Bloomberg

    Crude oil prices continue to wobble. This morning the benchmark Brent Crude price is at $66.15 per barrel, down from Tuesday's close, but still a little way off the five year low hit yesterday of $65.29. "It's an incessant march downwards, and it would be interesting to see where it bottoms out, but there doesn't seem to be any sign of it so far," said Phin Ziebell, from National Australia Bank.

  30. BG Group sale

    pipeline

    BG Group has announced it will sell a 543km-long Australian pipeline for $5bn (£3.19bn). The pipeline itself is worth about $1.6bn, but the buyer, APA Group, also gets tariffs payable on the pipeline worth $390m a year from 2016, says BG Group.

  31. Sports shoe espionage?

    Nike, Le Bron 12 shoes

    Could there be dirty tricks in the sports shoe business? Nike certainly thinks so. It is accusing three of its former top shoe designers of stealing commercial secrets and taking them to its biggest rival, Adidas. Nike is suing Adidas for $10m, saying that the three designers started consulting for Adidas while still working for Nike.

  32. Asian shares

    Tokyo shares closed down 2.25% following a sell-off across global markets, while a stronger yen pressured exporters. The benchmark Nikkei 225 index at the Tokyo Stock Exchange tumbled 400.80 points to 17,412.58. Hong Kong's Hang Seng index slipped 0.2% to 23,446.43.

  33. Construction skills

    BBC Radio 4

    Bricks

    On Today, Steve Radley, director of policy and strategic planning at the Construction Industry Training Board says: "The construction industry is going to be headed for a period of growth for the next five to ten years... so we need to be bringing people into the industry." What skills are needed? Plant managers, bricklayers, site managers, and designers are needed, he says.

  34. UK growth

    BBC Radio 4

    Shoppers, London

    More from the British Chambers of Commerce's John Longworth on the Today programme. What is the risk from a consumer-led recovery? "People run up to the point they cannot afford any more debt and then they stop spending and you get a bust," he says.

  35. UK growth

    BBC Radio 4

    The British Chambers of Commerce has cut its 2014 UK growth forecast from 3.2% to 3%. Director General John Longworth told the Today programme: "We are still seeing headwinds in the economy", particularly poor performance in exports and dependence on consumer spending which can lead to a "boom and bust cycle" he said.

  36. Home improvement fund

    Radio 5 live

    Loft insulation

    From 09:00 today people can apply for interest-free loans from the government's Green Deal Home Improvement Fund. The money is to help with costs of installing energy saving measures. Last time the money ran out in six weeks. People are "wary" this time that the money could be gone in a month or two, says Richard Twinn from the UK Green Building Council on Wake Up to Money. It should mainly benefit pre-1990 houses, he says.

  37. Energy refunds

    Radio 5 live

    The big energy companies between them have £200m of unclaimed customer money. The energy regulator has forced them to try harder to reunite customers with their cash. So they have launched a website myenergycredit.com. "It's not too much hassle to call them up," says Hannah Maundrell from Money.co.uk on Wake Up to Money. Many Radio 5 live listeners point out that if you owed the energy companies money, they would almost certainly find you.

  38. China inflation

    inflation

    China's consumer inflation fell to a five-year low of 1.4% in November. But Capital Economics says that fears of deflation are "overplayed". In a research note it said: "Easing inflation is being driven by falls in global commodity prices which should, on balance, benefit most firms and households." In a surprise move last month, the People's Bank of China cut interest rates for the first time in more than two years to stimulate the slowing economy.

  39. FCA fiasco report

    Radio 5 live

    There was chaos in the market for insurance shares earlier this year, when the city regulator the FCA briefed a journalist on an investigation into insurance policies. At 12:00 this morning a report into that incident will be published. The FCA used to be "technocratic and bureaucratic" but now they are "politicised" says Rob Moulton from law firm Ashurst. They wanted to be seen as tough and seen "to be doing something" said Mr Moulton said of the blunder.

  40. Post update

    Howard Mustoe

    Business reporter

    Good morning. Today we will see a report into the City watchdog the Financial Conduct Authority's bungled announcement that tanked shares in insurance companies. Stay with us for that and more.