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Summary

  1. UK unemployment falls to six and a half year low
  2. World Economic Forum in Davos gets underway

Live Reporting

By Howard Mustoe

All times stated are UK

Howard Mustoe

Business reporter

That's all from today's super-sized business live page. Join us again tomorrow from 06:00 for more action from the World Economic Forum and all the best of the rest of the business news.

Davos 2015

The last word from BP chief executive Mr Dudley from Davos. He says £1 per litre for petrol could be "not far off". If oil prices keep going down, it would be more likely, he says.

Business bingo

Joe Miller

Business Reporter

Joe Miller has been engaging in a valuable tradition of Davos: collating new business nonsense words and phrases that inevitably come out when bosses come together. Some choice cuts: "

co-ordination mechanisms", "
polycentre model of governance" and "
leading at the intersection". If you are in Davos and hear any similar gems, please tweet them and use the hashtag #DavosSpeak so we can find them. The best get published.

Davos cartoon

Davos cartoon
Chappatte

This from the cartoonist Chappatte on the

World Economic Forum in Davos.

Davos 2015

Joe Miller

Business Reporter

The BBC's Joe Miller has bagged an interview with Fadi Chehadé, head of the Internet Corporation for Assigned Names and Numbers (Icann) in Davos. "It became very clear to us in the last few months that having the US government continue its unique role within [Icann] is no longer sustainable. It worked on the early days when the US was a good steward of the internet… We can no longer have any one government or frankly any one business or any one institution exert complete control on this very important and neutral resource for the planet."

Davos 2015

More from BP's Mr Dudley. A lot of decisions on production in the oil industry have been made based on oil selling for $100 per barrel. A lot of tax decisions too, by governments, he says. "Countries like Venezuela will be really feeling the stress," he adds. Russia and Scotland too. BP will have to rethink its own business based on "no guarantees" in oil price, he says. A lot of people are going to get sacked in the global oil business he says. "Significant workforce reductions" is the phrase he uses.

Davos 2015

Bob Dudley
BBC

Bob Dudley, the boss of oil giant BP spoke to the BBC in Davos. The topic of the price of oil came up. "This is a significant change in the industry that will have wide-ranging effects on geopolitics and the energy industry itself," he says. Over-supply is the cause, he says, and no-one is reducing production.

Davos 2015

meeting
Reuters

The International Monetary Fund will back a bigger, longer-term financing plan for Ukraine in return for more economic and fiscal reforms, IMF managing director Christine Lagarde said at the World Economic Forum. She wouldn't supply a number, though. Ms Lagarde had just finished talks with Ukrainian President Petro Poroshenko, who is cutting his Davos trip short because of more fighting in the east.

Eurozone Quantitative Easing

Andrew Walker

BBC World Service Economics correspondent

"It has been a long wait. The eurozone is, probably,

about to embark on something that the US, Japan and Britain started years ago. And nobody seems to think it will fix all the eurozone's problems."

Bond buying

The European Central Bank should begin unlimited buying of eurozone government bonds for as long as it takes to raise inflation and help the economy, the head of the Organisation for Economic Co-operation and Development said. Angel Gurria, secretary-general of the economic lobby group, said ECB President Mario Draghi should be allowed to go "as far as he can."

Davos 2015

Emily Young

Business reporter

protest
BBC

It's not all comfortable fire-side chat at the World Economic Forum. The BBC's Emily Young sends us this picture of a protest outside the Davos Congress Centre against the war in the Donbass region of Ukraine.

Bond buying

The European Central Bank could be considering a €50bn-a-month bond buying programme for the next two years, the

Financial Times reports. A dose of quantitative easing of that size would be double the amount previously thought.

Davos 2015

Eduardo Leite
BBC

Eduardo Leite, chairman of law firm Baker & McKenzie has been on the BBC talking from Davos about cyber crime. "It isn't just cyber-crime and cyber-attack but the internal vulnerability of corporations with their own employees and their own systems that need to be improved dramatically."

Oil prices

Tom Pugh

Commodities Economist, Capital Economics

Oil pump, North Dakota
Reuters

"Fewer rigs drilling for oil in the US should, eventually, lead to lower US oil production. Even though US output may continue to increase in the near term, we would expect markets to begin pricing in falls in production a while before they occur. This supports our view that the

price of Brent will rebound to $60 per barrel by the end of year, compared to around $50 now."

Davos 2015

Emily Young

Business reporter

Arne M. Sorenson
Marriott

The BBC's Emily Young has some wisdom from the boss of Marriott Hotels, Arne Sorenson. "Don't believe your own brilliance", he says, when asked for his advice on how to be a good chief executive.

Davos 2015

Erik Brynjolfsson
BBC

Erik Brynjolfsson, MIT professor and computer expert, spoke to the BBC earlier from Davos: "It took about 100 years for the first billion people to be connected to a telecommunications network. In the next five years we're going to connect at least another 3 billion... I mean that's great news but unless we secure privacy and security it's not going to work. People aren't going to feel comfortable doing transactions, sharing information."

Swiss franc revaluation

francs
Reuters

More consequences of the Swiss National Bank removing its restrictions on the Swiss franc's value compared with the euro. Converting loans in francs to Croatian kuna, at a fixed rate of 6.39 proposed by the Croatian government, would cost 3.8 billion kuna (£379m), central bank governor Boris Vujcic has said. That's if the state decides to do the fix to aid borrowers who were loaned money in francs. Converting the loans into euro-based borrowings is another option.

Fifa investigation

IOC head Thomas Back says the Committee is watching the investigation and "will await its outcome."

Via Twitter

Fifa investigation

Jon Dewhurst

"

MrBach: what do you think of the allegations at fifa? #bbcindavos"

African Olympics

In response to Ravi on twitter Thomas Bach head of the International Olympic Committee says: "It could very well be 2024. The reason is hasn't happened before now is it was more difficult to make it feasible."

Via Twitter

Question to Thomas Bach head of the IOC

Ravi

"@JoeMillerJr @BBCBusiness

When will a country in Africa get to host the Olympics? #BBCinDavos"

Davos 2015

So, here we have some of your questions for Thomas Bach, head of the International Olympic Committee.

Oil price fall dents Greenland independence bid

Greenland
BBC

One hitherto unknown consequence of the falling oil price since last summer has been Greenland's apparent bit for independence from Denmark,

reports the Economist. Greenland, like Scotland, is self-governing in most areas - except defence, foreign affairs and criminal justice. Its economic independence is, however, highly dependent on oil, much like Scotland. And the current price means it can't support itself.

Via Email

Vicky Redwood

Chief UK Economist, Capital Economics

"Encouraging news on the UK this morning, showing that the recovery in real wages is gathering pace and that, despite this, an interest rate rise is still a long way off... The MPC now thinks that there is a roughly even chance of some deflation during the first half of this year."

Via Blog

Economics and politics

Robert Peston

Economics editor

Maybe George Osborne will be seen as a lucky chancellor, because the fall in oil prices and the rate of inflation has happened at the most perfect time for the Tories - and presumably the Liberal Democrats too - in relation to the electoral cycle. But there is a caveat ...

Via Twitter

Aaron Heslehurst

Presenter, World Business Report

Lufthansa's budget carrier Eurowings agrees to 5yr wage deal w/its 300 pilots, clearing a further hurdle in settling industrial disputes.

Shale oil cutbacks

Oil field worker
AP

The falling oil price has forced the world's biggest mining company, BHP Billiton, to cut its US shale oil operation by 40%. It is reducing the number of rigs from 26 to 16 by the end of the June. On Wednesday, French oil group Total said it would limit US shale investments in light of the sharp fall in crude oil prices.

Davos 2015

Richard Branson
BBC

Davos hasn't really started until Richard Branson makes an appearance. He has several not-for-profit projects on the go. Also he's touting a project to send an array of satellites into space to provide broadband access. It's going to cost $2bn to launch all the satellites, he tells BBC News Channel.

Via Twitter

Andrew Sentance

Former member Monetary Policy Committee

BoE #MPC seems to be waiting until all indicators point to need for higher rates before making first move. But then it will be too late!

Lancashire fracking

Francis Egan, chief executive of Cuadrilla
BBC

On the News Channel Francis Egan, the chief executive of Cuadrilla, says he is "surprised" at the

Lancashire planning officer's views on noise and traffic at the two sites where the company wants to begin fracking. He thinks the company can deal with the objections.

Via Twitter

Mark Broad

Economics reporter, BBC News

Davis
BBC

The large Alsatian & policeman with gun are all that stands between me & career defining doorstep with Blair. #davos

Portugal to pay back loans early

Tagus riverside, Lisbon
AP

Portugal expects to begin the process of repaying its bailout loans from the International Monetary Fund later this year, which is earlier than expected. The Portuguese government must first get authorisation from its European partners who contributed to the

€78bn bailout in 2011-2014 but it seems likely that this will be a formality.

Via Twitter

Interest rates

Chris Giles

Economics Editor, Financial Times

Weale and McCafferty brave and correct to change vote @bankofengland. Will be told they are numpties, but this is the way it should work

Live Earth concerts

Mark Savage

Entertainment reporter

Kevin Wall, Al Gore and Pharrell Williams
Michel Euler

In

Davos Al Gore, Pharrell Williams and producer Kevin Wall have just announced a second instalment of the Live Earth concerts, which aim to combat climate change. The first shows, in 2007, featured stars such as Madonna, Metallica and The Police at venues around the world. This year's sequel will take place 18 June in Paris, New York, Brazil, South Africa, China and Australia.

Pound lower

Pound vs. dollar
Boomberg

The pound dipped as lows as $1.5084 to the dollar after the unemployment numbers came out at 09:30. But it has recovered since then to trade at $1.5131. Traders also said that the unanimous vote by Bank of England policy makers in favour of keeping rates on hold was significant. "It aligns the market thinking with that of the MPC," said Manuel Oliveri, FX strategist at Credit Agricole.

Cyber security

Joe Miller

Business Reporter

Carlos Moreira, boss of Swiss internet security firm Wis@key and Davos stalwart, tells me that in previous years, companies sent their chief technology officers to meetings about cyber security. "Now they send their CEOs," he says.

Davos cartoon

Davos Cartoon
CHAPPATTE

This from the cartoonist Chappatte on the

World Economic Forum in Davos.

The dangers of leverage

An interesting nugget from Times Business Editor, Alistair Osborne. The brokerage IG Group demanded that its clients put up just £1 for every £100 of exposure to the Swiss franc, he says. It meant clients could take massive bets on the currency. That's one of the reasons why the broker lost up to £30m

when the Swiss franc unexpectedly soared in value.

Via Email

Interest rates

Alastair McCaig, market analyst, IG Index

"Having reverted back to a 9-0 to keep interest rates unchanged, any expectation that rates might rise in 2015 has now been quashed and Q1 or Q2 2016 appear much more likely timeframes".

Google in space

Falcon 9 rocket takes off
Reuters

Space Exploration Technologies, known as SpaceX, has raised $1bn from Google and investment firm, Fidelity. Combined the two investors will own 10% of SpaceX, which employs 3,000 people. Its spacecraft has delivered supplies to the International Space Station. Founder Elon Musk
hopes to fly passengers to Mars within 12 years.