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Summary

  1. Millions of savers missing out, regulator says
  2. ScottishPower cuts gas prices
  3. China's annual growth slows to 7.4%

Live Reporting

By Ben Morris and Matthew West

All times stated are UK

Matthew West

Business Reporter

That's it for today folks. The World Economic Forum begins in earnest tomorrow so we'll be bringing you extended coverage from Davos on the Business live page for the rest of the week. We also have trading statements from Dixons Carphone, Halfords and JD Wetherspoon, among others. And the latest unemployment data too. It's going to be a busy day. We'll see you at 06:00.

Speaking English in China

World Service

Shanghai
Getty Images

China might be the world's coming economic force, but English remains the international language of businesses. That's causing friction in China, where there's been a backlash to the prevalence of English words in Chinese. Yuwen Wu reports for Business Daily. Download

the podcast of the whole programme here.

North Sea oil

Tim Reid

BBC Scotland politcal correspondent

An oil rig in the North Sea
PA

"George Osborne has given a strong hint that he is likely to announce further tax help in the Budget for the North Sea oil and gas sector as a result of falling oil prices. Giving evidence to the Treasury select committee, he said that he had taken decisions to reduce taxation for the industry in the last autumn statement but was "sure we will have to take further steps to help the industry in the Budget in March. "

EU Mango ban lifted

Sameer Hashmi

BBC Business Reporter, Mumbai

Mangoes
BBC

The EU has lifted a ban on the import on Indian mangoes that was imposed last year after fruit flies were found in consignments. Almost half of the world's mangoes grow in India and, while only a small fraction of them are exported, Europe is one of the most important markets for Indian farmers. So, news of the ban being overturned has been welcomed here.

Via Twitter

Brian Milligan

Personal Finance Reporter, BBC News

What's the worst savings rate you can get? Lowest we found was 0.01%.

Morgan Stanley earnings

Morgan Stanley logo
AFP

US investment bank Morgan Stanley

has reported net income in the three months to the end of December of $1bn compared with $95m for the same period a year earlier. It adds legal expenses for the quarter for "legacy residential mortgage related matters" was $284m. That compares with a legal bill this time last year of $1.4bn.

Currency broker shares plunge

The share price of currency broker FXCM has sunk ahead of the open of the US stock market today after it published details of a loan aimed at saving the company. It suffered $200m worth of losses from last week's surprise removal of the Swiss franc currency peg to the euro. The US firm agreed an emergency loan with Leucadia National on Friday, Frankfurt listed shares have fallen 40% in to €2.3 per share, according to Reuters.

Dungeness B lifespan extended

The Dungeness B nuclear power station in Kent
PA

EDF Energy says it will extend the lifespan of its Dungeness B nuclear power plant in Kent to 2028, after receiving approval from the UK nuclear regulator. The extension of operations at the plant is part of a wider EDF Energy programme to extend the lives of its eight nuclear power stations in the UK until at least 2023, when the utility firm plans to open a new nuclear station at Hinkley Point in Somerset.

German investors stay positive

German investors seem untroubled by the forthcoming Greek election and the

Swiss National Bank's move to scrap a cap on the franc, ZEW says. Quantitative easing, which the European Central Bank (ECB) is widely expected to announce later this week, is also expected to help boost exports and is reflected in the current value of the euro against other currencies, it adds

German investors stay positive

Graph showing investors sentiment in Germany
ZEW

German investor confidence surged in January for a third straight month

as low oil prices and a weaker euro boosted hopes for a strong rebound in Europe's biggest economy. Despite meagre growth in the second half of last year and falling inflation, the Centre for European Economic Research's (ZEW) monthly survey of economic sentiment jumped to 48.4 in January from 34.9 in December. That was its highest level in 11 months and much higher than the expected reading of 40.

Shoplifting

The newspapers have leapt on the latest

retail crime survey from the British Retail Consortium. "Shoplifting gangs in luxury goods rampage" reads the Times headline. "Shoplifters are going after more expensive steals" reads the Telegraph. The BRC report say shoplifters have been targeting designer clothes, electrical goods, power tools and cosmetics.

Via Twitter

Douglas Fraser

Business and economy editor, Scotland

Ryanair starting Glasgow-Berlin winter route and adds a 4th daily Glasgow-Stansted flight

Davos 2015

Chloe Hayward

BBC Business Reporter, Davos

Davos 2015
BBC

Quiet before the storm - set up day at Davos...

ScottishPower cuts gas price

Gas ring flame
PA

ScottishPower has announced a reduction in its standard domestic gas prices of 4.8%. The cut comes into effect on 20 February.

Yesterday British Gas announced a 5% in gas prices.

Reckitt Benckiser fined

The Financial Conduct Authority (FCA) has fined Reckitt Benckiser £539,800 for "inadequate systems and controls to monitor share-dealing by its senior executives in its own shares". The fine relates to activities between July 2005 and October 2012. The FCA says that senior executives did not trade on the basis of inside information or deliberately breach codes of conduct.

Taxing times

Writing in the Times today, financial analyst Louise Cooper says: "Like every other self-employed and tiny business owner, if I don't work, I don't get paid. If I have to take time off to help the Revenue to tax me, it should be as simple as possible — and it is not. The poor website and its confusing information are the fault of the tax collector, but the insanely complex system is the fault of Westminster."

Via Twitter

Duncan Weldon

Economics Correspondent, BBC Newsnight

"IMF forecast for global growth is 3.5%. Not 'bad' but should be faster in global recovery. Also direction of forecast revisions is down. But what makes that IMF forecast of global growth at 3.5% really worrying is that it comes at a time when oil has halved."

BAE Eurofight contract extended

A Typhoon Eurofighter aircraft
RAF

BAE Systems says it has won a £112m contract from the Ministry of Defence to continue to provide services to ensure the readiness of the country's Eurofighter Typhoon jets. It says the contract extension of 15 months will help secure 650 jobs at Royal Air Force bases around the country.

Via Blog

Thursday's ECB meeting

Robert Peston

Economics editor

"

If the purchase of government bonds is not by the ECB itself but by the national central banks that collectively stand behind the ECB, that would be a great disappointment to markets - even though there have been plenty of leaks to the effect that such "nationalisation" of bond purchases is likely to be what happens."

Report: China raises public pay

Nanhu Revolutionary Memorial museum in Jiaxing
Reuters

China has raised the wages of government workers by almost a third,

according to Reuters. It is part of an effort to combat corruption and raise the spending power of millions of workers, the news agency reports. But even after the pay rise, public sector workers are not paid much. Monthly pay can be as low as 510 yuan (£54) says Reuters.

Welcome to Davos

Emily Young

BBC Business Reporter, Davos

Davos delegates kit
BBC

Delegates bag - includes shoe grips for the ice as well as a notebook and programme. Oh and a paid-for DHL envelope in case you want to send a parcel home. Hmmm

Greece euro exit

The Greek and EU flags flutter in front of the ancient Acropolis hill in Athens
AFP

Will Greece leave the euro? Bookmaker William Hill has made Greece its new favourite to exit the single currency, ahead of Cyprus, slashing the odds from 7/4 to 1/2. Greece elects a new government this weekend with the anti-austerity Syriza party - which wants to renegotiate the terms of Greece's bailout - well ahead in opinion polls. If it wins that could make an exit more likely.

Newspaper review

Newspapers
BBC

The business pages of the Guardian and Telegraph pick up on

Panorama's interview with Sir Terry Leahy. The front page of the Telegraph says that the government is pressuring the big energy firms to lower prices "further and faster". Britain is shifting to lower-skilled jobs according to an article on the front page of the FT. The Times business sections leads with Denmark's effort to maintain its peg against the euro.

Market update

The

FTSE 100 Index is up 0.26% to 6602.39. That's the first time this year it's moved above 6600. Both Unilever and William Hill are lower after they released trading updates earlier today.

Savings market not working

Radio 5 live

piggy bank
PA

The market for savings accounts is not working very well and many people are receiving tiny amounts of interest

says the Financial Conduct Authority (FCA). Christopher Woolard, from the FCA tells
Radio 5 live that the rules will be changed to make sure better information is available. For example, it's quite hard to work out what interest rate you are receiving.

German producer prices fall

German producer prices fell 1% in 2014 marking the sharpest fall for five years,

official figures show. Germany's Federal Statistics Office says energy prices were the largest contributor to the drop in prices. Prices fell 0.4% in December compared with the same month a year ago and 0.2% from November. Energy costs in December were down 4.9% on the year and 1.8% on the month.

Morrisons Dairy Crest deal

Dairy Crest says it will supply fresh milk to Morrisons for a further three years, but the supermarket chain will receive a third less in volume. Dairy Crest does not expect that to affect its financial results.

William Hill sales

William Hill Lanzarote Hurdle Day at Kempton Park Racecourse
PA

Bookmaker William Hill

says it expects operating profit for 2014 to be 11% higher at £371m after reporting an 8% rise in net revenue for the year. But the three months to the end of December saw net revenue decline 2%. It blamed weaker sporting results in December and "a very tough November comparative".

Unilever outlook

Unilever is not optimistic about this year. Chief executive Paul Polman says: "We do not plan on a significant improvement in market conditions in 2015. Against this background, we expect our full year performance to be similar to 2014 with the first quarter being softer but growth improving during the year."

Unilever sales fall

Ben & Jerry's
Unilever

Unilever, which owns Hellmann's mayonnaise, Ben and Jerry's ice cream and many other well known brands has reported a 7% increase in pre-tax profit last year to €7.6bn. However sales declined 2.7% due to a "negative currency impact".

Chinese growth slows

BBC Radio 4

A container at the port in Lianyungang, in China"s Jiangsu province
AFP

Can China manage an orderly slowdown? The IMF's Oliver Blanchard says he thinks it can. China has already taken steps to make it as orderly a slowdown as possible. The falling price of oil offers "more margin of manoeuvre," he says. It could boost incomes and consumption he says.

Via Twitter

Adam Parsons

Business Correspondent

"

Talked about toy-based heartbreak on #WUTM. Mickey's train set thrown away; Marcus in Bangor said his Evel Knievel was run over by a bus."

IMF gloomier over growth

IMF sign
Getty Images

The International Monetary Fund (IMF) has lowered its forecast for global economic growth for this year and next. Speaking to the BBC, IMF chief economist, Olivier Blanchard said: "Things are improving. Not quite as quickly as we would dream, but they do." For the UK, the IMF forecast for this year is unchanged at 2.7% and is cut slightly to 2.4% for 2016.

Chinese growth slows

BBC Radio 4

The BBC's Carrie Gracie says China is trying to manage an orderly economic slowdown: "They cannot go on using up the scarce resources that they have and trashing their environment," she says. "They have got over capacity in most industrial sectors, they have more infrastructure than they know what to do with and they have been feeding through debt, a real estate bubble".

Chinese growth slows

BBC Radio 4

The BBC's China editor Carrie Gracie, says there may be some "eyebrows raised" at the

latest Chinese economic growth figures. That's because China's annual economic growth data was not only higher than the markets expected but also higher than some of the Chinese government's own advisors had forecast. She says some may question whether there was "some massaging of these figures".

Chinese growth slows

Radio 5 live

There is a "phenomenal" drag

on the Chinese economy from traditional industries like steel and coal, which are being hit by a slowdown in the property business says Miranda Carr, head of China research at NSBO on
Wake Up to Money. Meanwhile, there is a big jump in areas like online consumption and mobile phone sales.

Troubled Tesco

Tesco sign
Getty Images

Monday's night's Panorama had revelations about the troubles of Tesco. One of the most striking is that

cosmetics giant L'Oreal threatened legal action over a disputed payment of about £1m demanded by Tesco.
You can watch the programme again on the BBC's iPlayer service.

Milk prices

Radio 5 live

Milk bottles
PA

MPs are

urging the government to provide greater protection for dairy farmers. But the milk market is a complicated place, says Ed Salt, managing director of Delamere Dairy on
Wake Up to Money. There is a big disparity in the price farmers get for milk across the country. It also depends on who the farmer is supplying milk to. "Contract milk" for supermarkets is cheaper than supplying higher fat milk for cheese.