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Summary

  1. Get in touch: bizlivepage@bbc.co.uk
  2. Wagamama bought by Frankie & Benny's owner
  3. Cost of 118 calls to be capped
  4. Brexit deal is best plan available - Hammond
  5. New Zealand bans Huawei over security concerns
  6. Lion Air crash plane 'not airworthy'

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Thursday.

    Do join us then for all the latest breaking news and analysis from the wonderful world of business.

  2. Why has UK not blocked Huawei?

    Huawei and UK graphic

    New Zealand government's move to prevent Huawei supplying a local mobile network with 5G equipment has raised questions about why the UK appears less concerned about use of the Chinese company's technology.

    The US and Australia had already closed the door on Huawei's involvement in their next-generation mobile networks.

    That means three members of the Five Eyes intelligence alliance have now acted against the Shenzhen-based company. And one other member, Canada,is carrying out a security review of its own.

    So, there's a prospect that the UK could soon be the sole holdout, allowing Huawei to play a key role in delivering the data that everything from self-driving cars to smart city sensors will rely on.

    Read more here.

  3. Wall Street ends higher

    Wall Street

    Wall Street shares have ended higher after Federal Reserve chairman Jerome Powell's remarks to the New York Economic Club suggesting that interest rates might not rise too much further.

    The Dow Jones Industrial Average closed 2.5% ahead at 25,366.

    The S&P 500 ended 2.3% up at 2,742.

    And finally, the tech-heavy Nasdaq finished 3% higher at 7,292.

  4. How Barclays did in the stress test

    Barclays bank

    Barclays says it passed the Bank of England's stress tests with a 8.9% minimum stressed transitional common equity tier 1 ratio, after taking account of strategic management actions, which is above the stress test hurdle rate of 7.9%.

    As a result, Barclays intends to pay its shareholders a 2018 dividend of 6.5p, subject to regulatory approvals.

  5. Facebook and its ‘black people problem’

    Dave Lee

    North America technology reporter

    Former Facebook employee Mark Luckie
    Image caption: Mark Luckie left Facebook in early November

    When it rains, it pours - and Facebook’s utterly sodden year continues to be flooded by accusations of bad governance.

    Mark Luckie, a black, former Facebook employee whose job it was to handle the firm’s relationship with “influencers”, put it quite plainly: “Facebook has a black people problem.”

    His 2,500-word note, posted on Tuesday, outlines what he sees as a culture that talks about inclusion, but does not practise it. In some buildings at the company, Mr Luckie said, there were “more ‘Black Lives Matter’ posters than there are actual black people”.

    Read more here.

  6. 'UK banks taken off the European naughty step'

    KPMG logo

    Big four accounting firm KPMG says that the Bank of England has clearly taken British banks "off the European naughty step", but if you look into the detail of the Bank of England's stress test results, it's not as rosy as things seem.

    “Our banks are very well capitalised, but, the impact of the accounting standard, IFRS9, was keenly felt under these scenarios. When you look at the results in light of a ‘fully loaded’ IFRS9, two banks fall well below the ‘pass mark’ with their capital severely depleted," said KPMG UK's banking partner Rob Smith.

    “Despite, once again, the banks all passing, investors and bank staff may be unnerved when they delve into the detail. Dividend payments drop to almost zero from £28 billion, meanwhile bonuses fall from £11bn to just over £1bn over the first two years of the stress.

    “Further, the Bank of England raised several issues with the models used to perform the tests including a lack of understanding by Board members. This could cause some to question how reliable the results actually are.”

  7. Here's what markets like about Jerome Powell's speech

    Federal Reserve Chairman Jerome Powell speaks at the Economic Club of New York"s luncheon in the Manhattan borough of New York City, New York, U.S., November 28, 2018.

    US financial markets have risen sharply. Why?

    Federal Reserve Chair Jerome Powell has signalled that the Federal Reserve may not raise interest rates much more - a boon for share prices which typically fall as interest rates rise.

    In a speech in New York, Mr Powell said interest rates are "just below the broad range of estimates of the level that would be neutral for the economy - that is, neither speeding up nor slowing down growth."

    Last month, Mr Powell said the bank was a "long way" from neutral.

    But he may be trying to project a softer tone after repeated criticism from US President Donald Trump about the Fed's plans to raise rates.

  8. Bank of England 'lacks all credibility'

    Conservative MP Jacob Rees-Mogg

    Chair of the pro-Brexit European Research Group Jacob Rees-Mogg is not impressed with Mark Carney today.

    “The Bank of England is meant to be a cautious and dignified body - not one that gives out hysterical statements," he said in the House of Commons.

    “What they’ve said today lacks all credibility and is a regurgitation of project fear to come project hysteria.

    “I think it discredits the governor - who is basically a failed second rate Canadian politician who is talking down the pound which I think is unprecedented.”

    Prominent Brexiteer and former Tory leader Iain Duncan Smith agrees.

    He told the BBC: “The bottom line of both sets of reports is that project fear like Frankenstein’s monster has been resuscitated and is stalking the land.”

  9. Federal Reserve: 'There are reasons for concern'

    In this file photo taken on September 26, 2018 Federal Reserve Board Chairman Jerome Powell speaks during a press conference in Washington, DC.

    Federal Reserve Chair Jerome Powell has said that rising levels of corporate debt are a risk to investors - but not yet to wider financial stability.

    However, his remarks about corporate debt made it clear that he views it as a greater risk than other factors, such as financial markets, bank stability and consumer borrowing.

    He said business borrowing presents a "subtler story" than other areas of the economy like household debt, later adding: "There are reasons for concern."

  10. Fed piles onto Brexit warnings

    The Federal Reserve headquarters in Washington September 16 2015.

    The Bank of England isn't the only body out there worried about Brexit.

    The US central bank has also flagged the disruption caused by the UK's exit from the European Union as a risk to the American economy.

    The topic is mentioned in the Federal Reserve's new financial stability report and in a speech in New York on Wednesday, Fed Chair Jerome Powell called the event a good example of a potential "trigger" for financial distress in the US.

  11. 'UK banks can withstand an extreme stress'

    Umbrellas up in the rain

    Accountancy giant PricewaterhouseCoopers (PwC) says that British banks have actually become more resilient than last year.

    "The Bank of England stress test results show that the major UK banks can withstand an extreme stress, akin to a ‘disorderly’ Brexit, and, crucially, can continue to support their customers. In comparison to the 2017 stress test, the major UK banks have increased their resilience to an extreme economic shock, as well as increased the tools at managements' disposal to recover from a downturn," said PwC stress testing leader and partner Raf Hussain.

    "Key actions included curtailing of dividends and conversion of additional Tier 1 capital for some banks. The Prudential Regulation Authority also noted that some banks had made improvements in their analysis and submission.

    "However, further work could be required to improve their model risk management for stress testing."

  12. 'Santander UK has more than adequate capital'

    Santander bank sign

    Santander UK has reminded us that for the third year in a row, it had the lowest stressed common equity tier 1 capital ratio impact of all the banks stress tested by the Bank of England.

    "The PRA has examined extreme but plausible stress scenarios for the UK economy and has found that Santander UK has more than adequate capital to withstand such occurrences," said Santander UK's chief financial officer Antonio Roman.

    "We are pleased that our prudential regulator is comfortable with our capital plan and requires no actions from us."

  13. A supply shock

    Bank of England governor Mark Carney

    Mark Carney explained that a disorderly, no-deal Brexit would likely cause a "supply shock".

    "It is a totally different situation than people have been living with and experiencing, certainly in advanced economies, for the last 30, 40 years," he said.

    "In that situation, we would be faced with a real challenge.

    "There will be a negative shock to supply. Determining exactly how much of it will be coming in, and at what pace, and how persistent that is, will be difficult."

  14. What would happen without a transition deal?

    Deal or no deal Brexit playing cards

    Mark Carney said that survey's showed that less than half of businesses have initiated contingency plans for a no-deal and less than a fifth of small businesses.

    Up to 250,000 traders have never competed a customs declaration form, he added.

    "A sober objective assessment of the appropriate length of the implementation period is desirable to get Brexit off to the right start," he said.

    "This implementation period should be as long as necessary to prepare property for the new trading relationships, but no longer".

  15. 'The system is ready for it'

    Bank of England governor Mark Carney

    Mark Carney is trying to reassure the public about the Bank of England's planning.

    He said the Bank was monitoring markets and indicated that the bank was ready to lend to banks in the financial markets.

    He also indicated that banks might be allowed to hold less capital if risks became too great.

    "There's lots of issues people are concerned about but the one area they shouldn't have questions about is the financial system," said Mr Carney.

    "The purpose of releasing the report is to provide that reassurance that even if this happens, even though it is not likely, the system is ready for it."

  16. Stress tests could be improved

    Bank of England

    Accenture's head of finance and risk Peter Beardshaw thinks the BoE stress tests could be better.

    "The European stress tests earlier this month suggested certain weaknesses among UK banks, which could be compounded by the uncertainty of Brexit," he said.

    "In the future, the Bank of England’s tests may benefit from going beyond capital strength and stress test key areas of the overall resilience agenda, including infrastructure and the ability to fight cybercrime and money-laundering.”

  17. No guarantees

    Bank of England governor Mark Carney

    The Bank of England governor Mark Carney has made it clear that the scenarios in the stress tests are not forecasts. However, even if the Bank is prepared, this isn't necessarily good news.

    "To be clear, the Bank being ready for Brexit is not sufficient to guarantee a particular economic outcome," he told the press conference.

    "There is little monetary policy can do to offset the potentially significant hits to productivity and supply that Brexit could entail, but the bank's unwavering commitment to price and financial stability will support the necessary adjustment of the real economy.

    "The future potential of this economy and its implications for jobs, real wages and wealth are not in the gift of central bankers."

  18. Pound stirs on Carney's comments

    One pound coins

    The pound seems to be responding to comments from Bank of England governor Mark Carney.

    Sterling is now up 0.3% against the dollar at $1.2786.