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Live Reporting

Howard Mustoe

All times stated are UK

  1. Post update

    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.

  2. 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.

  3. 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.

  4. 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."

  5. 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.

  6. Davos 2015

    Bob Dudley

    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.

  7. Davos 2015


    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.

  8. 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."

  9. 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."

  10. Davos 2015

    Emily Young

    Business reporter


    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.

  11. 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.

  12. Davos 2015

    Eduardo Leite

    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."

  13. Oil prices

    Tom Pugh

    Commodities Economist, Capital Economics

    Oil pump, North Dakota

    "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."

  14. Davos 2015

    Emily Young

    Business reporter

    Arne M. Sorenson

    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.

  15. Davos 2015

    Erik Brynjolfsson

    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."

  16. Swiss franc revaluation


    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.

  17. Fifa investigation

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

  18. Via Twitter

    Fifa investigation

    Jon Dewhurst

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

  19. 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."

  20. Via Twitter

    Question to Thomas Bach head of the IOC


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

  21. Davos 2015

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

  22. Oil price fall dents Greenland independence bid


    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.

  23. 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."

  24. 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 ...

  25. 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.

  26. Shale oil cutbacks

    Oil field worker

    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.

  27. Davos 2015

    Richard Branson

    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.

  28. 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!

  29. Lancashire fracking

    Francis Egan, chief executive of Cuadrilla

    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.

  30. Via Twitter

    Mark Broad

    Economics reporter, BBC News


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

  31. Portugal to pay back loans early

    Tagus riverside, Lisbon

    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.

  32. 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

  33. Live Earth concerts

    Mark Savage

    Entertainment reporter

    Kevin Wall, Al Gore and Pharrell Williams

    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.

  34. Pound lower

    Pound vs. dollar

    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.

  35. 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.

  36. 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.

  37. 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".

  38. Google in space

    Falcon 9 rocket takes off

    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.

  39. Estonian President

    Toomas Hendrik, Estonian President on WBR Davos

    A single password system is hackable "with no effort whatsoever", Estonian President Toomas Hendrik, tells World Business Report. "Basically if you have a two factor id with public key infrastructure - which basically means you need two passwords and encoding on a chip ... Why companies don't do this is a problem," he says. In 2007, Estonia was the subject of a series of cyber attacks, which crippled the internet across the country.

  40. Atletico Madrid investor

    Wang Jianlin (C), chairman of Dalian Wanda Group, holds an Atletico Madrid jersey

    Spanish football league champions, Atletico Madrid, have a wealthy new Chinese investor. Wang Jianlin who owns the property firm Wanda Group has bought a 20% stake in the Spanish club. The deal is worth around €45m ($52m, £34m). Mr Wang is 42nd of Forbes magazine list of the world's richest people.

  41. Via Twitter

    Joe Miller

    Business Reporter

    Thomas Bach, International Olympic Committee

    Do YOU have a question for the head of the International Olympic Committee, Thomas Bach? Tweet using #BBCinDavos

  42. Unemployment data

    Work and Pensions Secretary Iain Duncan Smith

    Work and Pensions Secretary Iain Duncan Smith has welcomed the latest unemployment figures. "The important point that may have been missed is vacancies in job centres are running at about 700,000 at any one time, which is double the number of job vacancies that existed when I first came into office four years ago," he tells the BBC.

  43. Interest rate decision

    The Bank of England minutes show the Monetary Policy Committee voted unanimously to hold interest rates at 0.5% in January. That's the first time the MPC has voted unanimously on interest rate policy since July 2014.

  44. Average wages

    Average total pay - that's pay including bonuses - rose by 1.7% in the three months to November, and 1.8% excluding bonuses, almost double the rate of inflation in November of 1%, the ONS adds.

  45. Unemployment data

    UK unemployment fell by 58,000 to 1.91m in the three months to November from 1.96m between August and October, official figures show. The unemployment rate fell to 5.8% the Office for National Statistics says - a six and a half year low.

  46. Fracking set-back

    Proposals for fracking for shale gas at two sites in Lancashire should be refused, planning officers have recommended. "This is a major set-back," says BBC industry correspondent John Moylan on the News Channel. There was concern about levels of background noise at night and levels of traffic he says.

  47. Shazam raises £30m

    Radio 5 live

    The music recognition app Shazam has announced a $30m investment which it says will make the company a billion dollar UK technology firm. Chief executive Andrew Fisher tells Radio 5 live the company is expanding into television and film. It supports almost every TV network and advert in the United States, he says.

  48. Eurozone stimulus

    BBC Radio 4

    Stock markets are likely to be disappointed by a government bond buying programme likely to be announced by the ECB on Thursday. That's according to Barry Eichengreen, from the University of California, speaking on Today. He says the ECB is likely to announce a "baby step in the direction of QE" rather than the big bazooka markets were hoping for.

  49. Market update

    The FTSE 100 Index is 0.66% higher at 6663.

    • Publishing group Pearson is 3% higher after it reaffirmed its profit outlook for the year
    • Brewer SABMiller is 2.35% higher after its third quarter trading update
    • Dixons Carphone is up 1.83% after it published upbeat Christmas sales figures
  50. Newspaper review

    Newspaper review

    "We are in a world that is dangerously unanchored," warns respected economist William White in the business section of today's Telegraph. The FT says that tensions are simmering ahead of Thursday's meeting at the European Central Bank (ECB). In the Guardian, columnist Larry Elliot says that even a €1 trillion bond buying scheme by the ECB is "unlikely to do the trick". "Spain cashes in on Draghi's big gamble," says the Times business section.

  51. Via Twitter

    John Moylan

    Industry correspondent, BBC News

    Energy regulator @ofgem toughens switching site standards - to ensure deals not hidden from view - sites to list firms that pay commission

  52. US tax reform?

    BBC World News

    Adam Posen, Peterson Institute

    Adam Posen, of the Peterson Institute for International Economics tells World Business Report from Davos: "You are not going to see a wholesale change in wealth taxes and redistribution in the US. But there is room for some compromise because there are such egregious loopholes on the corporate tax side and on people calling wealth income, that there is room for change."

  53. SABMiller sales

    Castle Lite Beer, SABMiller

    SABMiller has reported a rise in third-quarter sales despite ongoing weakness in China. The maker of beers such as Peroni and Grolsch, saw a 4% rise in sales in the three months to the end of December. Volume sales of lager fell 1% while soft drink volume sales rose 4%, the firm adds. In China, revenue fell 7% on a 9% decline in volume sales.

  54. Dixons Carphone results

    BBC Radio 4

    Dixons Carphone has taken on about 1,500 Phones4U staff since the collapse of the rival firm, chief executive Sebastian James tells Today. He says he is unconcerned about the growth of online retailing. "Dixons Carphone is absolutely as cheap as the cheapest online retailer," he says. That's not hurting profits because the firm is seeing an increase in volume, he says.

  55. WH Smith results

    WH Smith store

    "One day WH Smith will turn a profit on zero sales," quips a colleague on the BBC Business desk. That's after WH Smith reported a 2% fall in like-for-like sales for the 20 weeks to 17 January, but growing profits due to cost efficiencies and improving margins.

  56. Via Twitter

    Douglas Fraser

    Business and economy editor, Scotland

    Cairn Energy pulls back on exploration commitments. As for Faroe Petroleum, it's won right to drill in 5 blocks of Norwegian waters

  57. Greece euro exit

    BBC Radio 4

    Angela Merkel

    "Syriza could declare a state of emergency. It could declare that we've run out of money and default on its debt," Greek economist Elena Panaritis tells Today. That's why some people are worried about this weekend's general election. Artur Fischer head of the Berlin stock exchange says Greece has borrowed about €65bn from Germany. It's unlikely German chancellor Angela Merkel will accept Greece defaulting on those loans, he says.

  58. Halfords sales

    Halfords has reported a 6.7% rise in like-for-like sales in the 15 weeks to 9 January with sales of children's bicycles the star performer over the period. Group revenue was up 6.5%. Car enhancement - sales of satellite navigation systems and car stereos - was the only area where the chain saw a fall in sales, down 0.3% in the third quarter.

  59. JD Wetherspoon results

    Wetherspoon pub, Dublin

    Pub chain JD Wetherspoon has reported a 2.8% increase in like-for-like sales for the 12 weeks to 18 January. But the firm says sales growth in December slowed to 2% and slowed further in the last two weeks of that time period. The company says bar sales were flat, but food sales rose.

  60. Via Email

    Davos 2015

    Emily Young

    BBC Business Reporter, Davos

    "Mr Dangote - Africa's richest man - says he needs 38 visas to get around Africa - easier for Americans to get around."

  61. Dixons Carphone results

    Dixons store

    Dixons Carphone has reported a 7% increase in like-for-like sales for the 9 weeks to 3 January. It said Black Friday was a "huge" success but depressed sales during the three weeks that followed. It said annual pre tax profit will be in the range of £355m to £375m, which is ahead of market expectations.

  62. Davos 2015

    Radio 5 live

    Zurich airport

    Isn't there something "a little uncomfortable and distasteful" about phenomenally wealthy people gathering in Davos to discuss our future asks Radio 5 live presenter Rachel Burden. It can seem "a little divorced from reality" - the private jets are arriving by the minute says BBC Business Editor Kamal Ahmed. But participants live in this world "all the time" and at least at Davos we get to ask them questions, says Kamal.

  63. Eurozone stimulus

    BBC Radio 4

    "We have seen an enormous fall in bond yields in anticipation of QE," Richard Jeffrey of Cazenove Capital Management tells Today. "That's helpful but I'm not sure QE will have a major stimulatory effect on real economies," he says. He adds that if the ECB was that confident that buying government debt was the policy measure that was going to revive the eurozone economy, then why didn't it do it sooner?

  64. Davos 2015

    Would you like to get involved in our Davos coverage? I'm afraid we can't fly you there. But our reporter Joe Miller is interviewing Thomas Bach, head of the International Olympic Committee and would like to hear any questions you have for him. The interview is at 11:15, so don't hang around. You can email questions to or tweet using #BBCinDavos.

  65. Eurozone stimulus

    BBC Radio 4

    A European Union and a Greek national flag flutter in front of the Parthenon.

    "I don't think Greece leaving the eurozone would have much impact," Martin Gilbert of Aberdeen Asset Management tells Today ahead of this weekend's general election. He adds while QE would be good for Greece, because it would devalue the euro, much of that process "has already happened". "We may see more but markets tend to move ahead [of such policy decisions]," he says.

  66. Eurozone stimulus

    BBC Radio 4

    The euro sign landmark outside the former head quarters of the European Central Bank (ECB) in Frankfurt

    Martin Gilbert chief executive of Aberdeen Asset Management tells Today that quantitative easing (QE) will "lift the eurozone out of the malaise" and force fund managers to buy riskier assets. But the fall in the oil price "is probably more significant" in driving economic growth.

  67. Eurozone stimulus

    BBC News Channel

    justin urquhart stewart of seven investment management

    Spain has already become a beneficiary of the much anticipated QE programme the European Central Bank (ECB) is expected to announce tomorrow says Justin Urquhart Stewart of Seven Investment Management on World Business Report. He says Spain has seen the interest on its debt plummet in the last year from around 4% last year to 1.6% now.

  68. Bond market warning

    Radio 5 live

    The return on German government debt is at a record low, the yield on Japanese five-year government bonds has turned negative. So why are investors buying government bonds? "Enormous" amounts of money are coming into the system through quantitative easing says Richard Jeffrey from Cazenove Capital Management. "It is an accident waiting to happen," he warns.

  69. Via Email

    Davos 2015

    Emily Young

    BBC Business Reporter, Davos

    Not even 7am and there's a really long queue to get into the belvedere hotel - the discussions start early here!

  70. Tax avoidance

    Radio 5 live

    Dennis Nally, PWC

    "Most tax systems are outdated. They are not fit for purpose," says Dennis Nally, global chairman of PWC on Wake Up to Money from Davos. Modern economies are driven by services, technology and intellectual property, he says, so tax reform is "crucial". Society also has to decide what is the fair share of taxes that should be paid by corporations, he says.

  71. Davos 2015

    Davos, Switzerland

    "Are you going to Prince Andrew's party this year? Might give it a miss". Our reporters at the World Economic Forum in Davos have already heard this exchange between executives. The meetings in the Swiss Alps get into full swing today. BBC News Online has a page devoted to the meeting.

  72. Lancashire fracking

    Radio 5 live

    Fracking site, Preston, Lancashire

    We'll find out later this morning whether Lancashire County Council's chief planning officer will approve two sites in Lancashire for fracking by Cuadrilla. On Wake Up to Money Adrian Reed from Altium says Cuadrilla wants to drill down as far as 10,000 feet to see if the sites are commercially viable. Cuadrilla is backed by £60m from Centrica, he adds.

  73. Post update

    Ben Morris

    Business Reporter

    Good morning. We have an opportunity for you to get involved in our Davos coverage, so keep an eye on the Business live page for more. Email us at and tweet @bbcbusiness.

  74. Post update

    Matthew West

    Business Reporter

    Morning. President Obama has declared the financial crisis has ended and pledged economic policies to benefit all Americans. The World Economic Forum starts in earnest this morning. We have trading updates from Dixons Carphone, JD Wetherspoon, WH Smith and Halfords, and the latest unemployment data as well. It should be a busy morning. Stay with us.