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Summary

  1. FTSE 100 falls to its lowest closing level since late 2012
  2. Oil slips below $28 but then rises
  3. Tata Steel confirms 1,050 jobs at Port Talbot
  4. The richest 1% now has as much wealth as the rest of the world combined: Oxfam
  5. Australia's Wesfarmers offers £340m for Homebase

Live Reporting

By Tom Espiner

All times stated are UK

Get involved

Goodnight

That's all from the Business live page for tonight. Join us again from 06:00 for more BBC Business news.

The statistics behind UK steel job losses

More than 1,000 jobs are being cut at Tata Steel, the majority at the Port Talbot plant in south Wales.

It is just the latest in a line of job cuts in the UK steel industry.

Ministers say they are doing all they can to help, but they cannot control the price of steel.

John Moylan has been looking at the figures.

John Moylan has been looking at China's steel industry and its effect on UK steel.

British steel production since 1900

The Office for National Statistics tweets:

Can US firms profit from Iran sanctions being lifted?

A Ronald McDonald balloon
Getty Images

Maybe, says CNN Money. The main trade sanctions between the US and Iran remain in place, the news organisation says.

But US firms may be able to get around those by operating through European subsidiaries, Patrick Clawson, of the Washington Institute for Near East Policy says.

And how about McDonald's fast food? Well, the firm has posted a franchising application for Iran, "but the company is clear that nothing is happening yet," the CNN Money article says.

VW 'to hire ex FBI chief'

German newspaper Sueddeutsche Zeitung reports that Volkswagen plans to hire Louis Freeh, a former head of the Federal Bureau of Investigation (FBI), to help the carmaker deal with authorities in the US investigating its emissions scandal. A special committee on Volkswagen's supervisory board is due to discuss his appointment on Tuesday, the newspaper said. VW declined to comment.

Wake Up to Money preview

BBC business presenter tweets...

Foreign firms line up for Iran deals

Cars driving on a street in front of the Azadi Tower in Tehran
Getty Images

With the lifting of US, EU and UN sanctions on Iran today, foreign firms and governments have been lining up for deals.

Russia, one of the parties to last year's nuclear deal, said it was looking to sell military helicopters to Iran and export more grain.

India's national aluminium company NALCO said it would soon send a team to Iran to explore setting up a smelter complex worth about $2bn, taking advantage of cheap and plentiful gas there.

Spain's foreign minister said Madrid and Tehran were discussing the building of an Iranian-owned oil refinery on the southern tip of Spain.

Chinese President Xi Jinping will visit both Iran and its regional arch-rival Saudi Arabia this week

Meanwhile, the head of British Airways' parent company IAG said it hoped to start flying to Tehran "in the very near future".  

Commerzbank, Germany's number two lender, said it was considering the possibility of returning to Iran. (The bank paid $1.45bn to US authorities for sanctions violations partly linked to Iran in March.)

Dennis Nally, global chairman of PricewaterhouseCoopers, said clients were keen. "Without question the energy, energy-related and infrastructure industries stand to benefit, but also sectors like retail, with the potential creation of a new middle class," he said.  

Daimler said its trucks division had signed letters of intent with joint venture partners in Iran.

One of its rivals, Audi, has representatives in the country to discuss the "growing potential for luxury cars".

Switzerland's Zurich Insurance said it would look into insurance cover for corporate customers.

Kaan Terzioglu, head of Turkey's biggest mobile operator, Turkcell said: "Iran is a huge market and in our focus." 

Herrenknecht, a family-run German tunnelling company that helped to build the Tehran metro in the 1990s, said it expected Iran to put up new projects for tender.

Malaysia Airlines bans hold luggage for European flights

The Economist tweets...

Friends Reunited closing down

FT.com managing editor tweets the question we've all been asking:

Tourism falls in North Africa

Armed man patrols beach in Tunisia
PA

It will surely come as a surprise to no-one that tourist numbers have fallen dramatically in parts of North Africa targeted by the group calling itself Islamic State.

Countries such as Tunisia, Egypt and Morocco have been hit hard, according to figures from the United Nations World Tourism Organisation (UNWTO).

They suggest that visits to North Africa fell by 8% in 2015, in contrast with an overall rise of 4.4% in global tourist visits.

On the Silk Road

BBC South Asia correspondent tweets:

Papa John's 'Josef Stalin' pizza discount upsets some

Josef Stalin in 1934
AP

We're not marketing professionals on the Business Live page, but something tells us that using the name of a historical figure responsible for millions of deaths to promote pizza may not be the best idea.

The Independent reports that some people in Russia have been getting upset about a promotional code that let people enter Josef Stalin's name to get a Papa John's Hawaiian or pepperoni pizza.

The firm said the offer was part of a tie-in with computer game World of Tanks - a series of Russian tanks was named after Stalin.

Holland and Barrett accused of squeezing suppliers

BBC business correspondent Emma Simpson writes...

Holland and Barrett shop
BBC

Holland and Barrett is being accused of squeezing small businesses after it sent a letter to suppliers demanding contributions to its investment plan.

In a letter this month, seen by the BBC, the high street retailer says it wants a reduction of costs of at least 5% from all its suppliers.

Read Emma's article here.

FTSE 100 closes at lowest level for three years

The FTSE 100 share index fell to its lowest closing level in more than three years on Monday. "Markets are still in a downtrend because of worries about China and no improvement in the supply-demand dynamics of the oil market," said Mike van Dulken, head of research at Accendo Markets. The index closed at 5,779.92 points, its lowest level since late 2012.

Opec predicts oil supply drop

Shaybah project Saudi Arabia
Getty Images

Opec has forecast that supplies from competitors will fall more steeply than expected this year due to the collapse in oil prices. Supply outside the Organization of the Petroleum Exporting Countries (Opec) will decline by 660,000 barrels per day in 2016, led by the US, Opec said in a report.

The price drop has started to slow down the development of relatively expensive supplies such as US shale oil.

But Opec's report did not mention of the supply impact of the lifting of Western sanctions on member-country Iran, which on Monday said it was increasing output by 500,000 barrels per day.

Odey hedge fund buys Tesco stock

Tesco trollies
Getty Images

Investor Crispin Odey's hedge fund has invested in Tesco stock in a sign that prospects may be improving for the grocer, Bloomberg reports. "This may well be a controversial investment... However, we have been following the company closely now for well over a year and believe that we have finally reached an attractive entry point," the firm said.

Tesco has been steadily losing market share for a number of years, but shares rose last week after the supermarket giant said it had a "strong Christmas."

FTSE 100 closes down

The FTSE 100 has closed down 0.42% at 5,779.92 points. The Dax in Frankfurt and Cac 40 in Paris also finished down. European stocks had a volatile day after the European Central Bank said on Sunday that it would quiz eurozone lenders about high levels of bad loans, and oil prices fell with the prospect of more supply from Iran.

Davos uncovered

Davos
Getty Images

The annual World Economic Forum - aka "Davos" - kicks off on Wednesday in Switzerland. Emily Young has taken a long hard look at the event, so you don't have to. Click here to find out what really happens at the shindig for the world's top movers and shakers. 

Waitrose reviews supplier payment terms

Waitrose shopping trolleys
Getty Images

Supermarket chain Waitrose has said it is reviewing its supplier payment terms, with a view to speeding up payments to suppliers.

"We work collaboratively with our suppliers and always look at ways we can build on this," said Matthew Frost, Waitrose director of commercial operations.

Peston looks at China slowdown

ITV political editor tweets...