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Summary

  1. Police are called to supermarkets across the UK as record crowds queue for "Black Friday" offers
  2. Ofgem penalises energy suppliers for failing to implement energy efficiency schemes

Live Reporting

By Joe Miller and Matthew West

All times stated are UK

Get involved

Joe Miller

Business Reporter

That's it from us for this week. See you bright and early on Monday for the start of a busy week, which will include the chancellor's final Autumn Statement before the next general election.

Oil price fall

Oil
AFP

After taking a beating overnight, the price of oil has steadied to $72.64 a barrel. The price had fallen after oil producing countries failed to take action at a crucial meeting in Vienna yesterday. Some had hoped that the 12 member states would agree to cut production in order to shore up prices.

Black Friday

Eric Musgrave, editor of Drapers magazine,

thunders in his column that "Black Friday's discount deals are as welcome as Japanese knotweed" and that "it will take a brave retailer with a cool head and deep pockets to maintain the dignity and good sense to resist this madness".

Revenge evictions

MPs are trying to change the law to stop landlords carrying out "revenge evictions" against tenants who complain about the state of their property. At the moment landlords can enforce a "no-fault eviction" in retaliation against someone who complains about dangerous or damp conditions - something more than 2,000 people are thought to have been affected by. Liberal Democrat MP Sarah Teather is leading efforts to change the law so landlords won't be allowed to evict a tenant for no reason within six months of receiving an improvement or hazard awareness notice.

India expands

In the second quarter (July -September), India's economy expanded by 5.3%. This was lower compared to the first quarter, when the economy grew by 5.7%.

Black Friday

But Greater Manchester Police Chief Constable Sir Peter Fahy, has added: "Across Greater Manchester large supermarkets already make significant demands on policing through calls to shoplifting, anti-social behaviour and thefts of fuel from their petrol stations - much of which is preventable. We just ask these stores to work with us to reduce the demands on policing and reduce the risks of disorder and crime."

Black Friday

A Tesco spokesperson has told the BBC: "Over 600 Tesco stores have Black Friday offers available in store. In the interest of customer safety a small number of these stores contacted police last night to help control crowds safely and stores are now trading normally."

Black Friday

Greater Manchester Police, who were called to seven Tesco stores last night and made three arrests, are not happy. Chief Constable Sir Peter Fahy, said: "The events of last night were totally predictable and I am disappointed that stores did not have sufficient security staff on duty."

Brazil's avoids recession

Brazil
Getty Images

Brazil's economy has recovered in the past three months - but only slightly. It expanded 0.1% - narrowly avoiding recession. In the previous quarter, it contracted by 0.6%.

House prices

Average UK house prices rose by just 0.1% in October, according to figures released by the

Land Registry today. The average property was worth £177,377 in the month, it says. However, the Land Registry index, which is based on the prices at which properties are actually sold, also shows that UK prices rose 7.7% over the year. In London, they rose by 18.6% in the last 12 months.

Via Twitter

Jonty Bloom

Business correspondent, BBC News

tweets: "The number of people killed by cold weather last winter was the lowest since records began, official statistics show."

Eurozone unemployment

Eurostat
Eurostat

This graph shows how the unemployment rates in the eurozone, wider EU, the US and Japan compare since 2000. As you can see, the EU and US reached similarly high levels at the height of the financial crisis, but the US has fared a lot better since.

Black Friday

Alan Cameron from Aberdeen emails: "Black Friday is designed to appeal to the worst off in society, and is about unashamedly exploiting naked greed and desires in society."

Black Friday

Willard Foxton

tweets: "Piketty's 'Capital in the 21st century' is 65% off in Amazon UK's Black Friday sale. Someone has a sense of humor!"

Cameron immigration speech

Mr Cameron gets to the crux of his speech. "I will insist that in the future those who want to claim tax credits and child benefit must live here and contribute to our country for a minimum of four years," he says. "If their child is living abroad, then there should be no child benefit or child tax credit at all no matter how long they have worked in the UK and no matter how much tax they have paid. And we will introduce a new residency requirement for social housing - meaning that you can't even be considered for a council house unless you have been here for at least four years."

Black Friday

Retail analyst Nick Bubb says Black Friday is likely to "bring forward business from December, reduce gross margins and undermine consumer's willingness to pay full-price again before Christmas. It is therefore good to see that Next are thinking long-term and preserving their pricing power..."

Eurozone unemployment

Separate figures show that the average rate of unemployment in the 18 countries in the eurozone remained at 11.5%, despite the economy's deterioration.

Eurozone inflation

A preliminary estimate for the level of inflation (that's the rise in the prices of everyday goods and services) in Europe shows a drop to 0.3% in November - down from 0.4% the month before. Falling oil prices accounted for much of that drop, but the slow creep toward deflation will add further pressure on the European Central Bank, which targets inflation of 2%.

Cameron immigration speech

"Put simply, our job is to educate and train up our youth, so we are less reliant on immigration to fill our skills gap," says the PM. "And any politician who doesn't have a serious plan for welfare and education, has no sensible long-term plan for controlling immigration."

Cameron immigration speech

"For the sake of British jobs, British livelihoods and British opportunities we must fight this dangerous and misguided view that our nation can withdraw from the world and somehow all will be well."

Cameron immigration speech

Cameron
BBC

"We are Great Britain because of immigration, not in spite of it," says David Cameron in his opening salvo. "Throughout our long history, we have always looked outward, not inward. We have used the seas that surround our shores not to cut ourselves off from the world, but to reach out to it - to carry our trade to the four corners of the earth. And with that trade has come people, companies, jobs and investment."

Black Friday

John Lewis says it is currently selling one Nutribullet every 30 seconds. For the uninitiated, that's a food processor, or juicer, if you prefer.

Italian jobs

Unemployment in Italy has reached a record high of 13.2%, according to official figures for the month of October. It's the largest percentage since figures were first collected in 1977. Even worse news for 15-24 year olds in the country - 43.3% were unemployed last month.

Black Friday

Sgt Paul Marshall, Kingston Police

tweets: "Even on #BlackFriday shoving people to the floor so you can get £20 off a Coffee Maker is still an assault."

Markets update

European markets are lower this morning on the back of falling oil prices, which are nearing $70 a barrel. They've not been that low in four years.

  • The FTSE 100 is lower by 0.74% at 6673
  • Germany's Dax is lower by 0.47% 9928
  • France's Cac-40 is lower by 0.53% at 4359

House prices

Graph showing house price growth since November 2004
NATIONWIDE

The annual house price has been falling since June, when growth peaked at 11.4%. Now it's only 8.5% higher than this time last year. It's worth remembering that house price growth is coming off a low base as well. Property values (that's the average for the whole of the UK) only began to rise in the summer of 2013, as the effects of the Funding for Lending and Help to Buy schemes began to be felt.

Black Friday

Kadhim Shubber, reporter at the FT

Asda
Twitter / @kadhimshubber

tweets: "Unleash the capitalism #BlackFriday" (Click through for the
full Vine video)

Black Friday

Bryan Roberts, director at Kantar Retail

Asda
Twitter / @BryanRoberts72

There are cheerleaders in Asda. Really.

Bryan tweets: "Cheerleaders. This is my job. Honest."

Building Lego

Malaysia Lego
Merlin

UK theme park operator Merlin Entertainments has announced it will open a new Legoland... in South Korea. The attraction is expected to open its doors in Chuncheon, Gangwon Province by 2017. There is already a Legoland in Malaysia, and the firm plans to build one in Dubai too.

Black Friday

Bryan Roberts, director at Kantar Retail

tweets: "6 minutes ago, this was a massive pile of TVs"

TVs
Twitter / @BryanRoberts72

Black Friday

Sarah Butler, The Guardian

tweets: "Crazy queues at Asda, but all calm and very British queue in place... So far"

Black Friday
Twitter / @whatbutlersaw

Black Friday

Richard Main, a reporter at BBC London 94.9, emails in: "More than 150 people are now queuing to get into Asda on Edgware Road, in the hope of bagging a Black Friday deal. Police were called to the store in the early hours of the morning to control crowds. The current queue now stretches the length of the car park and is being penned in by a wall of shopping trolleys."

Black Friday

Greater Manchester Police

tweet: "At least two people arrested at #BlackFriday sales events already this morning. Keep calm people!"

Black Friday

People sort through boxes of shoes in Macy"s
Reuters

A bit of Friday fun now. We want your best/worst Black Friday deals. What's the most ridiculous sale item you've seen or bought? What's be best/worst discount you've seen? Have you seen punch-ups over the last sale item or is everyone queuing politely? Send your stories/pictures/experiences/views of Black Friday to bizlivepage@bbc.co.uk or tweet

@bbcbusiness.

Betting campaign

BBC Radio 4

Betting terminal
PA

The maximum stake on gambling machines known as "fixed odd betting terminals" is £100. Many think that's outrageous, as it's possible to lose an awful lot of money in a very short time. Now more than 90 councils in Britain are campaigning to have that reduced dramatically - to £2. Sir Robin Wales, the mayor of Newham in London, tells

Today that gambling firms deliberately target poorer areas.

House prices

Graph showing the average house price to average earnings ratio
NAtionwide

One thing to note in the latest Nationwide figures is the price-to-earnings ratio, which has tailed off ever so slightly. This measures how high house prices are, relative to the average person's salary. The higher the ratio rises, the less affordable housing becomes. Since WW2, each time average house prices have reached six times average earnings, there as been a crash.

House prices

The price of an average house in the UK rose by 0.3% in November to £189,388, according to the latest

figures from Nationwide. Overall, however, the growth in house prices slowed to 8.5%, when compared to November of last year. It was 9% in October.

Energy penalties

Drax
Drax

"We are deeply disappointed with the magnitude of the fine," said Drax boss Dorothy Thompson. But Ofgem's Sarah Harrison says the firm "missed its target by a clear margin" and accuses it of "disadvantaging several thousand households in some of the most deprived areas in Britain".

Energy penalties

Another generation firm, Intergen, is also facing an £11m payout. The companies failed to meet targets to insulate homes under two energy efficiency schemes that ran until the end of 2012. The failings meant that households did not receive the energy saving measures, which would have helped to reduce their bills.