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  1. Ford cancels $1.6bn Mexico plant
  2. FTSE 100 closes at fresh record high
  3. BA cabin crew strike back on
  4. Oil prices fall
  5. UK manufacturing activity accelerates in December
  6. Get in touch:

Live Reporting

By Tom Espiner

All times stated are UK

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  1. Good night

    Well, that wraps it up for another evening on the Business Live page. Join us again tomorrow from 06:00 for more business news and views.

  2. US market regulator boss resigns

    Timothy 'Tim' Massad

    The chairman of the US Commodity Futures Trading Commission, Timothy Massad, has tendered his resignation to President Obama, Reuters reports.

  3. Wall Street extends rally

    Wall Street has closed higher a post-election rally extends into the new year.

    But with the Dow Jones Industrial Average trading near the never-before-reached 20,000 mark, some investors say additional strong gains are unlikely in the short term.

    They want to see evidence that Trump's campaign-trail promises will be approved by Republican lawmakers concerned about widening the federal budget deficit.

    The Dow Jones Industrial Average was up 0.59% to 19,878.58 points and the S&P 500 gained 0.85%, rising to to 2,257.77. The Nasdaq Composite added 0.85%, climbing to 5,429.08.

  4. Ford's 'vote of confidence' in Trump

    Video content

    Video caption: Ford's 'vote of confidence' in Trump

    Ford chief executive Mark Fields says the giant carmaker's decision to invest $700m in its Michigan plant is a "vote of confidence" in Donald Trump's economic policies.

    Mr Fields talked to the BBC's Michelle Fleury after the firm said it would scrap plans for a $1.6bn factory in Mexico.  

  5. Mexico 'regrets Ford decision'

    The Mexican economy secretary has said the Mexican government "regrets" the decision by Ford to cancel plans for a $1.6bn plant in the country, news agency Reuters reports.

    Ford will reimburse the government for any costs associated with the investment, Reuters said.

  6. Union reaction to US car news

    The United Automobile Workers (UAW) union has welcomed Ford's announcement that it will invest $700m in one of its Ohio facilities. Ford has also scrapped plans for a $1.6bn plant in Mexico.

    "The UAW has long believed that companies that sell in our country should build their products in our country. We are proud of the quality of work in Lordstown with the Cruze sedan and we welcome Ford's Flat Rock announcement today."

  7. BA strike - what's it about?

    The BA cabin crew dispute involves "mixed-fleet" cabin crew - they are crew who fly a combination of short and long haul, and joined since 2010.

    The union says they have poorer pay and conditions than their longer-serving colleagues.

    They represent 15% of the company's cabin crew.

  8. BA 'disappointed' with decision to strike

    BA tails

    British Airways has released the following statement in response to the news of a planned strike by cabin crew:

    "We have been informed by Unite that it has called strike action by Mixed Fleet cabin crew on January 10 and 11.  

    "We will plan to ensure that all our customers travel to their destinations. Mixed Fleet Unite represents only 15 per cent of our cabin crew. We will publish more details for our customers on Friday January 6 once we have finalised our contingency plans.

    "We are extremely disappointed that Unite has once again chosen to target our customers.

    "We are now focused on protecting our customers from this unnecessary and completely unjustified action.

    "Our proposal for our Mixed Fleet cabin crew reflects pay awards given by other companies in the UK and will ensure their reward levels remain in line with cabin crew at our airline competitors. It is also consistent with pay deals agreed with Unite for other British Airways colleagues."

  9. BA cabin crew strike back on

    British Airways cabin crew will stage a 48-hour strike from 10 January after rejecting an offer aimed at resolving a pay dispute, the Unite union says.

    The 'mixed fleet' cabin crew had previously planned a two day stoppage scheduled for Christmas day and Boxing day - but suspended the action after talks with the Acas conciliation service led to a new offer.

    At the time, BA said the action would not affect flights.

    “Unite remains hopeful that a negotiated settlement which meets our members’ aspirations can be achieved and would urge British Airways to engage constructively in meaningful talks to address poverty pay,” the trade union said in a statement. 

  10. Trump v the car industry

    Simon Jack

    BBC Business Editor

    Car production

    Ford's decision to cancel a $1.6bn investment in Mexico and invest an extra $700m in Michigan will be widely seen as concrete evidence that Donald Trump's economic nationalism is having the intended effect.

    Coincidentally, Ford's decision comes on the same day that the new President-elect launched an attack on General Motors for producing cars in Mexico bound for the US market.

    Read more here.

  11. Ford Mexico decision 'down the lack of small car demand'

    Mark Fields

    Ford chief executive Mark Fields has said the decision to cancel a new plant in Mexico was primarily due to a lack of small car demand.

    He said Ford need to "fully utilise capacity at existing facilities" amid declining sales of small and medium sized cars such as the Focus and Fusion.

    Donald Trump repeatedly threatened during his election campaign not to allow Ford to open the new plant in Mexico and to slap hefty tariffs on imported Ford vehicles.

  12. McDonald's opens near Vatican

    A nun walks past a newly-opened McDonald restaurant near the Vatican

    McDonald's has opened one of its outlets within spitting distance of the Vatican, despite protests from some cardinals.

    When the plan emerged last year, one of its most strident critics was Cardinal Elio Sgreccia, who said McDonald's fast food was far removed from Roman gastronomic traditions and not the healthiest of foods.

    "The mega sandwich shop on Borgo Pio is a disgrace," Sgreccia told La Repubblica newspaper at the time.

    "It would be better to use those spaces to help the needy of the area, spaces for hospitality, shelter and help for those who suffer, as the Holy Father teaches," Sgreccia said.

    Despite the holy outrage in some quarters, two nuns were spotted on Tuesday lunchtime going inside the fast food joint, Reuters reports.

    And the building itself is Holy See property.

  13. VW faces first emissions test case in Germany

    VW logo

    German consumer rights group Myright has filed the first test case against Volkswagen in Germany on Tuesday with the aim of making it compensate customers in Europe over its emissions scandal.

    Europe's largest carmaker has pledged billions to compensate US owners of Volkswagen diesel cars, but has so far rejected any compensation for the 8.5 million affected vehicles in Europe where different legal rules weaken the chances of affected customers winning a pay out.

  14. Ford investment 'equivalent to new assembly plant'

    Jimmy Settles, the vice president of the United Automobile Workers Union, said the Ford investment of $700m at a Michigan plant was the equivalent to a new factory.

    "Too many times in the past have we produced quality vehicles and we have seen our jobs going overseas," he told a Ford meeting to announce the measures, adding that with its announcement that Ford is "putting people ahead of profits".

    He said temporary employees at the Michigan plant will become permanent employees.

  15. Ford cancels $1.6bn Mexican plant

    Ford factory Michigan

    Ford Motor has said it will cancel a planned $1.6bn factory in Mexico and will invest $700m at a Michigan factory as it expandsits electric vehicle and hybrid offerings.

    The second largest US carmaker had come under harsh criticism from President-elect Donald Trump.

  16. Roger's resignation 'a huge loss'

    Former top civil servant at the Treasury Lord Macpherson has said the resignation of Britain's EU ambassador Ivan Rogers before Brexit talks begin marks a "wilful" and "total destruction" of EU expertise.

    Lord Macpherson described his loss and that of other former officials as "amateurism":

    View more on twitter
  17. When Santa gets it wrong

    Ian Westbrook

    Business reporter


    Post offices and shops are expected to be very busy on Tuesday, as people going back to work after the holidays try to return unwanted presents.

    Royal Mail predicts that on what it calls Take-back Tuesday there will be a rise of more than 50% in returns, compared with December's daily average.

    Clothing and footwear are the most likely items to be returned.

    People are also expected to flock to shops at lunchtime to give back gifts, but may face issues getting a refund.

    Read more here.