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Summary

  1. UK economic growth revised down
  2. Oil price to hit $70, says Opec
  3. Beatles back catalogue joins music streaming services
  4. Five banks pay no corporation tax in 2014
  5. Game shares tumble on poor trading
  6. Retailers expect biggest shopping day of the year
  7. Contact us via bizlivepage@bbc.co.uk or @bbcbusiness

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 evening on the business live page. Thanks for staying with me. 

  2. Chipotle to change cooking methods

    staff at a Chipotle restuarant

    Chipotle is changing its cooking methods in an effort to address food safety concerns, sparked by an E. coli outbreak at several of its restaurants.

    The fast-food restaurant chain has been battling the outbreak since late October. More than 50 cases of E. coli have been reported in eight states.

    As a result the company's share price has dropped 18% since October.

    Chipotle outlined the changes on its website and said it was taking "aggressive actions."

  3. Egypt struggling to pay for oil

    Egypt is struggling to pay for US dollar-priced oil products and liquefied natural gas imports. It is also asking suppliers to extend payment terms amid an acute foreign currency crisis, industry sources have told Reuters.

    Egypt depends heavily on oil and gas imports and has faced a sharper decline in foreign currency receipts after a plane carrying Russian tourists crashed in October. 

    The country is believed to have asked oil and liquefied natural gas suppliers to extend payment terms to 90 days after delivery earlier this month due to its foreign currency crisis.

  4. Ferrari investors make pact

    A Ferrari showroom

    The top two investors in Italian sports car manufacturer Ferrari have signed a shareholder pact which gives them a total voting power of nearly 50% after it separates from Fiat Chrysler Automobiles. 

    Under the pact Exor, the Agnelli family investment company, and Piero Ferrari, son of Ferrari founder Enzo Ferrari will consult each other over issues to be discussed at general shareholders meeting.

    In the case of Ferrari shares transferring to other investors, Exor will have a pre-emption right to buy the shares while Piero Ferrari could exercise a right of first offer, the Agnelli family investment company said in a statement. 

  5. Irish Seaweed Harvesters Under Threat

    Video content

    Video caption: Ireland is planning a licensing regime for traditional seaweed harvesters.

    Collecting seaweed along Ireland's abundant coastline has been going on for thousands of years. Worldwide, it's now becoming a much sought-after commodity, but in Ireland, it's largely been harvested by people for local use. For generations they've done this for free. But new plans by the Irish government to make money from seaweed through a licensing regime mean the old ways of collecting from the beach may become a thing of the past. Diarmaid Fleming reports from the Atlantic fringes of County Mayo.

  6. India puts brakes on Facebook's Free Basics scheme

    facebook

    Facebook's effort to provide Indians with free access to a limited number of internet services has run into trouble.

    The country's telecoms regulator has asked the mobile network that partnered with the US firm to put their Free Basics offer on hold.

    Data fees are relatively expensive in India, and the initiative aims to prevent this being a deterrent.

    But critics of the Free Basics service say it runs contrary to net neutrality principles.

  7. The benefits of cheap oil

    Andrew Walker

    World Service economics correspondent

    Oil pump

    The fall in oil prices in the last 18 months is a large-scale international redistribution of income, from sellers to buyers.

    We have looked at the impact on some of the losers, the oil exporters.

    But what about the winners i.e. the oil importers?

    For some the price fall was a great relief. It was a huge drop. The price of crude oil is less than half what it was in June last year.

  8. Russian court orders exiled tycoon's arrest

    Mikhail Khodorkovsky

    A Russian court has placed ex-oil tycoon Mikhail Khodorkovsky on an international wanted list over the 1990s murder of a Siberian mayor.

    Mr Khodorkovsky has been living in exile in Europe since he was pardoned by President Vladimir Putin in 2013 after 10 years in jail for fraud.

    He told the BBC he was considering applying for political asylum in Britain as one of several options.

    Russia's once-richest man said the authorities had "gone mad".

  9. PDVSA accuses US of smear campaign

    Venezuelan state-owned oil company PDVSA has said it is the target of a smear campaign by opponents who are trying to link it to corruption. It comes after US authorities said they had traced over $1bn to a conspiracy involving a Venezuelan magnate and the company. 

    According to an indictment made public on Monday, US authorities accused Venezuelan businessmen Roberto Rincon and Abraham Shiera of conspiring to pay bribes to officials to secure contracts from PDVSA. 

    Both men were arrested on 16 December and have been held without bail.

  10. US business investment slows in November

    US business investment plans fell in November and the previous month's increase was revised sharply lower as the drag on manufacturing from a strong dollar and spending cuts in the energy sector continued. 

    Manufacturing, which accounts for 12% of the US economy, has also been hit by efforts by businesses to reduce an inventory build up and sluggish global demand, which has hurt new orders growth. 

    The dollar has gained almost 20% against the currencies of the United States' main trading partners over the last 18 months.

  11. London shares close more than 2.5% up

    Strong overnight trading in Asia helped the FTSE 100 close up 2.6% to 6240.98 with a modest recovery in the cost of oil offsetting disappointing UK growth figures. 

    Oil stocks rose as Brent Crude stabilised at $36.60 a barrel. Shares in Royal Dutch Shell lifted 65p to 1551p, while BP jumped 15p to 360.40p. Miners also ended the day well with Anglo American and Glencore up 9% and 8.47% respectively.

    The stabilising oil price appeared to offset the fact UK economic growth in the three months to the end of September was revised down to 0.5% from an initial estimate of 0.7%. 

  12. Things that won’t happen in 2016

    Dario Perkins' annual Christmas Note is always a welcome distraction from panic-buying presents and tidying up loose ends at work before the holiday.

    This year the director at Lombard Street Research has highlighted 10 things that won't happen next year. We've only space for one, but the rest are available via his tweet.

    Camera call: Following box-office hits such as Wall Street and Rogue Trader, Hollywood finally makes a movie about the City’s real superstars – economists. Subtitled ‘How I saved the world using Excel and the op-ed pages of the Financial Times’, the story begins with an unforgettable Goodfellas-style monologue: ‘As far back as I can remember, I always wanted to be an economist. There are only five people in the world who know how to navigate the Eurostat website and I’m one of them…’ The film is a morality tale about forecast errors, statistical illusions and the curse of circular spreadsheet references. Central bankers play the bad guys.   

  13. Depp most overpaid Hollywood actor

    Johnny Depp

    Johnny Depp has topped an unusual list put together by Forbes magazine. He is apparently Hollywood's most overpaid actor. Forbes itself says the list of Hollywood's most overpaid actors are mostly male leads who "charge top dollar but don't always deliver at the ticketbooth". 

    In otherwords, the box office takings of some of the films they have starred in recently have been somewhat poor given their salaries for starring in them.

    By Forbes' reckoning Mr Depp is the most overpaid actor with his film's returning a meagre $1.20 for every $1 he was paid to work on them this year.

    Mr Depp replaces Adam Sandler who has topped the list of Hollywood's most overpaid actors for the previous two years. He was ineligible for consideration this year as his film Pixels was released after Forbes' June cut off date.

  14. Christmas shopping chaos

    It seems as if it were only yesterday that I was warning many of you of the dangers of leaving the Christmas shopping until the last minute. But did you listen? Did you? Nope. Not according to the Daily Mail, which reports chaos in the shops with two hour queues at Marks & Spencer's among others. You were warned. 

  15. Man pleads guilty to financial news hack

    US prosecutors have secured their first conviction in a case involving hack attacks on three of the major financial news release publishers. 

    Alexander Garkusha pleaded guilty to conspiracy to commit wire fraud, in a New York court.

    He admitted making $125,000 (£84,000) from trades made over a three-month period using information gleaned from stolen embargoed press statements.

    It is alleged a total of $100m was earned by a wider group using the scam.

  16. US stocks in late Santa rally?

    Wall Street trader Santa hat

    It looks like they might be. Wall Street has opened sharply higher led by gains in energy stocks, and as economic data showed US consumer spending and personal incomes rose in November. 

    Oil prices have risen after an unexpected fall in US inventories, but let's not get too excited they're still hovering near multi-year lows.

    Exxon shares are up 1.1% at $78.54, while Chevron shares are up 2.2% at $92.36.

    The Dow Jones industrial average is up 137.4 point, or 0.79% , at 17,554.67, the S&P 500 is up 13.24 points, or 0.65%, at 2,052.21 and the Nasdaq is up 25.97 points, or 0.52%, at 5,027.08.

  17. Oil to return to $70 a barrel by 2020 says Opec

    An oil rig

    Never fear the price of oil is going to bounce back... eventually. That's according to Opec's World oil outlook.

    The cartel reckons oil prices will recover to $70 a barrel by 2020.

    Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand.

    But Opec said oil prices would begin to rise next year and, longer term, would rise due to higher exploration costs.

    It expects the market share of Opec producers to shrink by 2020 as rivals prove more resilient than expected.

  18. City banker loses job over rail fraud

    A city banker who spent two years commuting to work using a photocopy of a train season ticket has lost his job after pleading guilty to £8,000 worth of fraud.

    The Daily Telegraph reports that Simon King, 47, travelled from his home in West Sussex to London Bridge station for two years using the forgery. He eventually admitted to the fraud after being told by a member of the London station’s platform staff to insert his ticket into the electronic barriers.

    Westminster Magistrates’ Court heard King had twice been given an interest free loan of around £4,000 by his employer, Citigroup, which he used to purchase an annual season ticket.

    But he photocopied the tickets before returning them to Southern Railway, and claiming a refund.

  19. Afternoon

    Matthew West

    Business reporter

    Hi folks and thanks to Anthony and Russel for another sterling effort. Do stay with with for the afternoon and I'll try and keep you up to date with anything that happens. 

  20. GDP figures 'disappointing', says directors' group

    Quote Message: While today’s GDP figures are a disappointment, they do not as yet undermine the longer term positive outlook for the economy in 2016. Consumer spending was always going to be the main driver of growth in 2016, but the danger remains that EU trade disappoints and household debt rises on the back of ultra-loose monetary policy. The government has said it wants to create a ‘higher wage, lower tax, lower welfare’ economy. However, with public spending due to rise by 2.9% each year, and economic growth likely to come in below that figure, it will be difficult for the chancellor to find room to cut the tax burden. Further bearing down on expenditure has to remain a priority in the New Year if the Government is to achieve its goal and put the economy on a sustainable long-term path.” from James Sproule Chief economist, Institute of Directors
    James SprouleChief economist, Institute of Directors