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Summary

  1. Oil prices rebound from 11-year low
  2. UK borrowing up in November
  3. US economic growth revised down to 2% in third quarter
  4. Dam collapse death toll rises to 17, BHP says
  5. UK house prices to rise 6% next year - Rics

Live Reporting

By Matthew West

All times stated are UK

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  1. That's all folks

    BBC test card

    That's it for another day folks, thanks for staying with me. Tomorrow we have the third and final look at UK GDP and Opec publishes its world oil outlook for 2016, which will be closely watched in light of the continuing deterioration in the price of Brent crude. We'll see you from 06:00

  2. Global investment banks 'paid almost no UK corporation tax'

    City of London

    Seven of the biggest investment banks operating in London paid little or no tax in the UK last year, despite reporting billions of dollars in profits. That's according to a Reuters analysis of corporate filings.

    It says in recent months, the seven investment and corporate banks operating in London reported figures showing that they paid a combined $31m (£21m) in corporation tax in 2014. 

    Between them the banks generated revenues of $31bn in the UK, profits of $5.3bn and employed 33,000 staff.

    Five of the banks – JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura and Morgan Stanley – said their main UK arms paid no corporation tax.

    The filings also how that the seven banks, which also include Goldman Sachs and UBS, used tax breaks and tax losses generated during the banking crisis to reduce their tax bills.

  3. NatWest refunds 93 year-old veteran robbery victim

    Here's a good news story from the Daily Mail, just in time for Christmas. It reports that NatWest has repaid a 93-year-old war veteran after he lost more than £20,000 in a distraction scam by thieves.

    The pensioner was targeted when he used a cash machine in a bank in Grantham, Lincolnshire, with £23,000 stolen. 

    NatWest decided to refund all of the cash stolen, less than two weeks after the incident, while detectives hunt those responsible.

    A spokesman said: "Unfortunately our customer fell victim to a callous distraction technique whilst using an ATM. 

    "We  have refunded all the money to the customer and continue to do everything we can to help the police identify the criminals."

  4. Compostable post punk coffee

    Green Day

    Two of US punk band Green Day’s leading lights are joining the competitive world of organic coffee sales, but with a twist — they say their new company will be the first to use mass produced compostable bags and pods.

    That's according to a report in the Financial Times which goes on to say that bass player Mike Dirnt and lead vocalist Billie Joe Armstrong  are launching Oakland Coffee Works this week, and San Francisco Bay Coffee, a family-owned business, will both use the bags and pods for their products.

    Made out of starches and sugars, they can be discarded along with compost to be consumed by micro-organisms in the soil, creating a fertile humus, said Paul Boudreau, chief executive of UrthPact.

  5. US imposes sanctions on 39 Russian individuals

    The US has imposed sanctions on 34 new individuals and entities as part of its efforts to put pressure on Russia over its intervention in Ukraine, the Treasury Department has said.

    The sanctions focus on a number of individuals and firms that are one step removed from top-level tycoons such as Gennady Timchenko and Arkady Rotenberg, both close friends of Russian President Vladimir Putin.

    The sanctions would not begin to roll back until Russia fully implements its commitments under the Minsk peace agreement, "including the return to Ukraine of control of its side of the international border with Russia," the Treasury Department added.

    Kremlin spokesman Dmitry Peskov responded by saying the measures were a continuation of an "unfriendly stance" toward Russia. 

    In such cases, he said, "a principle of reciprocity prevails."

  6. Zambia blackout 'affects most of country'

    Zambia has been plunged into a blackout affecting almost the whole of the country, the state power utility Zesco has said.

    "Almost the whole country except for Southern and Western province has experienced a power failure but we are yet to establish what has caused it," Zesco spokeswoman Bessie Banda said.

  7. US says China counter-terror would be counter-productive

    Chinese Foreign Minister Wang Yi and US Secretary of State John Kerry shake hands

    The US has expressed "serious concerns" to China about a draft counter-terrorism law, the US State Department says. The planned legislation, which could be passed before the end of the year, could constrict US trade and investment in China, it says.

  8. Nike shares higher on Q2 expectations

    Shares in sportswear firm Nike have risen about 1.35% ahead of its second quarter results, which are due after Wall Street closes. "High expectations for a robust Q2," writes Cannacord analyst Camilo Lyon in a note.

  9. Colombia legalises use of medical marijuana

    Colombian President Juan Manuel Santos

    Colombia's President Juan Manuel Santos has signed a decree that legalises medical marijuana. "Allowing the use of marijuana does not go against our international commitments to control drugs or against our policy of fighting drug trafficking," Mr Santos said.

  10. Central Bank of Ireland to probe mortgage lenders

    The Central Bank of Ireland

    The Central Bank of Ireland is to investigate all tracker mortgage lenders, it says. It wants to see whether any customers' contractual rights weren't fully honoured, and whether lenders breached transparency requirements.

  11. Morgan Stanley adviser spared jail

    A former Morgan Stanley financial adviser has been told he won't have to go to prison after being found guilt of illegally accessing the bank's computers and taking home client data that his lawyers say Russian hackers then obtained and posted online.

    US prosecutors had sought a sentence of over three years in prison for Galen Marsh, who worked in Morgan Stanley's private wealth management division and was fired last January in connection with the data breach. 

    US district judge Kevin Duffy in Manhattan instead sentenced Marsh to three years of probation and ordered him to pay Morgan Stanley $600,000 (£404,824) in light of his guilty plea in September to one count of unauthorised access to a computer. 

  12. Total fined £1.125m for Elgin platform gas leak

    Total gas platform

    French oil firm, Total has been fined a record £1.125m for failings that caused one of the biggest ever gas leaks in the North Sea. Total's Elgin platform, 150 miles east of Aberdeen, was evacuated when the gas began leaking in March 2012. The leak was stopped after 51 days by pumping heavy mud into the well, followed by the use of cement plugs. The Health and Safety Executive says it is the largest fine handed down by a sheriff court over health and safety. Total admitted offshore installation regulation failings at Aberdeen Sheriff Court. No-one was injured as a result of the leak.

  13. Forth Bridge happiness

  14. FTSE closes higher as energy stocks recover

    Energy shares helped to strengthen the London market  as oil prices stabilised today.

    The benchmark FTSE 100 closed up 48.26 points, or 0.8%, at 6,083.10.

    After touching 11-year lows of just above $36 a barrel on Monday, Brent crude recovered to $36.45 a barrel.

    Among energy-related stocks, BG Group was one of the biggest risers in the FTSE 100, climbing 3.3%, while oil giant BP gained 2.9%. 

    Shares in ITV fell 1% after US firm Comcast denied it was interested in bidding for the UK broadcaster. ITV's shares had jumped 4% on Monday on reports Comcast was eyeing the firm.

  15. Finnish foreign minister comes out against euro

    Finland should never have signed up to the single currency. So says the country's foreign minister according to Bloomberg. 

    Finland is set to become the currency bloc’s weakest economy - yes even with Greece still in the eurozone - and Timo Soini, who is also the leader of one of three members of the ruling coalition, the anti-immigration, The Finns party, says the country could have resorted to currency devaluations had it not been for its euro membership.

    It comes as a former foreign minister Paavo Vayrynen gathers signatures in an effort to force the government to hold a referendum on euro membership.

    Polls show that most Finns, for the moment, want to stay in the euro but hostility to the currency union is growing, Bloomberg adds.

  16. Tata Steel in talks to sell plants

    Tatta Steel plant Scunthorpe

    Tata Steel is in talks with an investment firm to sell its Long Products business, which includes plants in Scunthorpe and Lanarkshire. Greybull Capital has signed a letter of intent to try to reach a deal to buy the business, including mills in Teesside and Northern France. Tata Steel said it was "too early to give any certainty about the potential outcome of these discussions".

  17. Boeing fined $12m by US air regulators

    Aircraft maker Boeing has been fined $12m (£8m) for "multiple pending and potential enforcement cases", the US air regulator has said.

    The firm failed to meet a deadline to provide fuel tank safety instructions to airlines, among other issues, the Federal Aviation Administration said.

    Boeing has agreed to pay the fine and take action to improve certification.

    The agency said it "does not allege that these issues created unsafe conditions".

    "It is imperative that everyone complies with our aviation system's high safety standards," said US Transportation Secretary Anthony Foxx.

  18. Christmas car chaos for last minute shoppers

    Bluewater shopping centre

    Have you - like me  - left your Christmas shopping to the very last minute? Are you now sitting at your desk in a blind panic trying to decide what presents to get your nearest and dearest with the certain knowledge that you're running out of time and it's a jungle out there? Well, one thing you certainly don't want to do is go to an out of town shopping centre then. No really, don't do it, especially if its Bluewater in Kent. You might never get out again. At least that's according to the Daily Mail, which reports shoppers were trapped in six hour queues just to leave the car park of the UK's fourth largest shopping centre on Monday. You have been warned.

  19. House sales fall in November

    OK, so earlier today the Royal Institution of Chartered Surveyors (Rics) predicted house prices to continue rising in 2016 by as much as 7%. The latest figures from HM Revenue & Customs show property sales took a tumble in November. They fell from 122,000 in October to 106,000 last month. The month-to-month figures are often volatile. Overall though, sales through 2015 have been bang in line with those recorded last year. So the out-turn for the whole of the year is likely to show little change from 2014.

  20. Italy: Town bans pizza-making over soaring pollution

    Pizza oven

    A town in Italy has taken a novel approach to tackling air pollution by imposing a temporary ban on the traditional way of pizza-making.

    An edict issued by the mayor of San Vitaliano, just outside of Naples, bans the use of wood-fired stoves in bakeries and eateries including pizzerias unless their owners install special filters to reduce air pollution.

    The measure has been prompted by "utmost concern" over worsening air quality, and will stay in place until 31 March. It can be reintroduced later if the new filtering systems prove ineffective.

    The ban will be enforced by police checks, and those found in breach of the mayor's order will face fines of up to €1,032 (£760).