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Summary

  1. The morning's main business programmes are available on the Live Coverage tab
  2. Germany avoids recession with 0.1% quarterly growth
  3. Greece emerges from years of recession
  4. Baker Hughes confirms Halliburton merger talks

Live Reporting

By Ben Morris and Matthew West

All times stated are UK

Get involved

Matthew West

Business Reporter

OK folks that's it for another week. We'll be back bright and early from 06:00 on Monday.

CHINA US RELATIONS

Economist Magazine
Economist

The latest Economist Magazine leads with a piece about the balance of power in the Asia-Pacific region. It urges the US to make China part of its Asian trade pact.

G20 SUMMIT

World Service

As mentioned earlier IMF managing director Christine Lagarde spoke to the BBC about her fears for European economic growth You can listen to the full interview

here.

Via Twitter

SCOTTISH POWER OFGEM INVESTIGATION

Kevin Peachey

Personal finance reporter, BBC News

tweets: "A quarter of customers calling Scottish Power gave up on their call after waiting so long. Ofgem sets a target of average 2 minute wait."

GLASGOW RANGERS SALE PROBED

A general view of Ibrox Stadium
Getty Images

Four men have been detained by police following an investigation into the sale of Glasgow Rangers Football Club in 2012,

BBC Scotland understands. The men were held following early morning raids at addresses across the UK involving officers from Surrey Police and Thames Valley Police. Police Scotland have been investigating the sale of Glasgow Rangers for over a year.

G20 SUMMIT

There's a little more from Russian President Vladimir Putin. He has said US and EU sanctions against his country will harm not just Russia but the global economy. In an interview for Russia's Itar-Tass news agency, Mr Putin said sanctions were a mistake, went against trade accords and that only the UN had the right to impose them.

CURRENCY PROBE

Chancellor George Osborne
PA

The Serious Fraud Office (SFO) will have as much money as it needs to pursue a criminal investigation into alleged rigging of the $5.3 trillion-a-day foreign currency market, a Treasury source has told the BBC. Last month, the SFO asked for an additional £26.5m to help fund the complex investigation. The Chancellor has written to the SFO to tell it: "Given the importance of this work, the Treasury will provide the required funding for this investigation. We must continue to pursue criminal wrongdoing at the highest level."

SCOTTISH POWER OFGEM INVESTIGATION

Electricity pylons and wind turbines are silhouetted at the Scottish Power-owned Dun Law West wind farm near Edinburgh
Reuters

Ofgem has launched an investigation into the way Scottish Power has been treating its customers. The regulator has said it wants to see improvement in three specific areas of customer service within the next three months. Improvements it has called for include call-waiting times, late bills and Ombudsman complaints. If the energy firm fails to make improvements it will have to suspend sales activities.

MOSHI MONSTERED

Mind Candy website
Mind Candy

Mind Candy, the Shoreditch based entertainment firm behind Moshi Monsters, made a loss of £2.2m in 2013

reports tech website The Register. In 2012 it made a profit of £8m. The pay of Mind Candy's highest paid executive was cut in half last year to £200,000, the report says.

Via Twitter

Victoria Fritz

Business reporter, BBC News

tweets: "#ISIS wants to launch its own new currency to separate NW Iraq/ NE Syria from the "tyrannical financial system imposed on Muslims" @BBCNews"

Via Email

GERMAN ECONOMY

Richard Grieveson, Economist Intelligence Unit

"The eventual outturn for Germany is perhaps a bit better than might have been expected a month ago, but overall this is still a very poor reading for an economy that is supposed to be the euro zone's main engine of growth. Declining investment growth in the third quarter is a particular concern, both for Germany and the euro zone more broadly."

SHAREHOLDER VALUE DEBUNKED

Boardroom silhouetted
BBC

Chief executives often assure us of their commitment to creating shareholder value. But in a

Reuters Breakingviews column today Edward Hadas says the whole concept should be consigned to the "trash heap". He says the idea that shareholders own the company is an "oversimplification" and that companies need to maximise many things, including profits.

UK CONSTRUCTION OUTPUT

UK construction output grew by 0.8% in the three months to the end of September, compared with the previous quarter official figures show. A rebound in growth in September, compensated for a sharp fall in August.

RECESSION FREE GREECE

Greek parliament
Getty Images

Greece has emerged from recession. It posted growth of 1.4% in the third quarter and growth was revised up to 0.4% in the second quarter. Both figures compared to the same quarters in 2013.

BreakingBreaking News

EUROZONE GROWTH

The eurozone economy grew by 0.2% in the third quarter, official figures show.

PUTIN

President Vladimir Putin (right) and Australian Prime Minister Tony Abbott
Getty Images

Russian President Vladimir Putin has made some interesting comments to the Russian state news agency Tass before the G20 meeting this weekend in Brisbane. He says that Russia's foreign currency reserves are big enough to meet the crisis hitting the country. The President has also not ruled out extending finance to oil giant Rosneft, it it needs it.

ITALY RECESSION

An Italian flag waves in front of the Montecitorio palace
Reuters

Italy's latest GDP figures mean the country is back in recession after the economy shrank by 0.2% in the second quarter. Italian prime minister Matteo Renzi's government forecast the economy to shrink by 0.3% this year. That's still possible if there's no growth in the final three months of the year. That annual figure would still be an improvement on the last two years when the Italian economy shrank by 1.9% (2013) and 2.3% (2012).

'STAGNANT' EUROPE

European flags flutter in front of the European Commission building
AFP

"Near stagnation" of the German economy in the third quarter confirmed that economic weakness has spread "to the core" of the eurozone, according to Capital Economics. The research firm points out while France performed better than expected in the third quarter "only government spending and inventories" saw a significant improvement.

Via Twitter

George Magnus, Economist

tweets: "Germany's 0.1% and France's 0.3% GDP rise in Q3 hailed as some sort of victory in European game of whac-a-mole. Grinding nominal contraction"

OIL PRICE 'ROUT'

Sakhir, Bahrain
AP

The oil "price rout" has yet to run its course, according to the

International Energy Agency in its monthly report. Unless there is significant supply disruption "downward price pressures could build further in the first half of 2015", it said.

BreakingBreaking News

The Italian economy shrank by 0.1% in the third quarter, official figures show. That marks the 13th quarter without growth.

BreakingBreaking News

DUTCH GROWTH

Dutch economic growth slowed to just 0.2% in the third quarter Statistic Netherlands has said. That's well below forecasts. Analysts had expected growth of 0.5% in the quarter. Statistic Netherlands called the economic recovery fragile and said growth had been driven by modest increases in exports and business investment. Italy's GDP comes up shortly.

MARKET UPDATE

European markets are mostly higher this morning after the release of German and French GDP data earlier showed France's economy grew by more than expected and Germany avoided a third recession.

  • The
    FTSE 100 is marginally lower by 0.05% at 6632.19
  • Germany's
    Dax is 0.26% higher at 9272.48
  • France's
    Cac-40 is up by 0.20% at 4196.22

G20 SUMMITT

IMF managing director Christine Lagarde
Reuters

The managing director of the International Monetary Fund has spoken to the BBC ahead of the G20 Summit this weekend and ahead of the eurozone economic data being released today. She warned there are "clear risks" to the global economy and that "areas of the world are at risk of lapsing back into negative territory". She adds the recovery from the [financial] crisis around the world has been "fragile and insufficient to create the jobs that are needed".

STARBUCKS TAX PROBE

A mug bearing a Starbucks logo
Reuters

The European Commission has published its decision to investigate tax deals between Starbucks and the Netherlands.

You can view the 40 pages here. The Commission has been investigating the tax arrangements of
other companies, including Amazon, Fiat and Apple.

Via Twitter

Gavin Hewitt

Europe editor

tweets: "French Fin Min says of French growth of 0.3% in Q3 'activity has somewhat taken off but remains too weak to create jobs our country needs.'"

HALLIBURTON MERGER TALKS

Two giant firms in the oil field services business are in merger talks.

Baker Hughes says discussions with Halliburton "may or may not lead to any transaction".

AIRBUS TRADING UPDATE

Airbus A400m
Getty Images

Airbus says its troubled A400M military transporter project is experiencing delays again. The A400M programme last ran into trouble in 2010 and received a €3.5bn bailout. Airbus is assessing the costs of the latest delays. Nevertheless, Airbus said third quarter profit grew 16% to €821m (£652m) on higher aircraft sales. That was better than analysts were expecting.

BreakingBreaking News

GERMANY GROWTH

German parliament
BBC

Germany has avoided falling into recession. The economy grew by 0.1% in the third quarter, according to the latest official figures.

GERMAN ECONOMY

Radio 5 live

Christian Schulz, senior eurozone economist, Berenberg Bank is on

Radio 5 live. He says Russia is a big drag on the German economy. The political tension has damaged confidence in Germany and companies there are delaying investment projects which has knock-on effects, he says.

COMMODITIES

BBC Radio 4

A little more from Mr Walsh. He tells

Today China is in the process of moving towards an advanced economy and has made "big strides" to becoming "a consumption led economy". Consumer spending now accounts for 48% of China's economic growth.

COMMODITIES

BBC Radio 4

"There's not too much to worry about," says Sam Walsh, chief executive of Rio Tinto on

Today. He says there's enough growth in China and India to support global growth and his business. Miners are vulnerable to fluctuations in global growth and particularly China.

BreakingBreaking News

FRANCE GROWTH

The French economy grew 0.3% in the third quarter. Economists were expecting growth of 0.1%. But second quarter growth was revised downwards, from zero growth to a contraction of 0.1%.

OIL PRICES

Radio 5 live

The slump in oil prices is temporary, perhaps just 18 months or so, says Holly Cook editor of the investment website Morning Star on

Wake Up to Money. She thinks now might be a good opportunity to buy shares in big oil companies. On Thursday oil prices hit a four-year low. There has been a rebound in Asian trading today with January Brent Crude up 61 cents at $78.10.

ALIBABA BONDS

Radio 5 live

Alibaba sign
Getty Images

Just two months ago Alibaba raised $25bn (£15.9bn) in the biggest ever stock market flotation. It also recorded $57bn of sales in one day this week - on China's Singles' Day. So why is it looking into raising debt? Well, it still has $11bn in loans and credit lines and it might want to take advantage of very low interest rates, says the BBC's Sharanjit Leyl on

Wake Up to Money.

EUROZONE SLOWDOWN

Radio 5 live

eurozone flags
Getty Images

Figures out on 10:00 are expected to show that the eurozone stagnated in the third quarter. On

Wake Up to Money Kathleen Brooks, research director at Forex.com is not ruling out a slide back into recession, which would be the third period of recession since the 2008 crisis. That might force the European Central Bank to take more radical action, Ms Brooks says.

Matthew West

Business Reporte

Morning folks. It's Friday, so nearly the weekend. You can, as always, share your thoughts with us on email through bizlivepage@bbc.co.uk and on twitter

@bbcbusiness.

Ben Morris

Business Reporter

You can expect a European flavour to the business live page this morning. We'll receive first estimates of third quarter GDP growth from European nations, starting with France at 06:30. Plus, why does the world's biggest internet retailer, Alibaba need to borrow money? Stay with the Business live page.