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Live Reporting

Nick Edser, Simon Read and Lora Jones

All times stated are UK

  1. Good night

    Test card

    That's it from Business Live for today.

    But we'll be back bright and early from 06:00 tomorrow morning.

    Do join us then for all the latest breaking news and analysis.

  2. There were 300,762 investigations into tax returns last year

    Money

    Finally, HMRC opened 300,762 investigations into self-assessment tax returns last year, according to figures compiled by accountants Moore.

    HMRC imposed more than 31,500 penalties for “deliberate” behaviour during the 2018/19 tax year.

    “Tax investigations can be very stressful and even a basic investigation can drag on for months,” pointed out Bridget Culverwell, director at Moore.

    The deadline for filing tax returns is 31 January.

  3. Pound creeps up

    Pound graph

    The pound has crept up against the dollar today, climbing 0.33% to $1.3053.

    Against the euro it has risen 0.38% to €1.1769.

  4. Evraz drops almost 6% to lead the FTSE losers

    Steel making

    The biggest faller in the FTSE 100 today was Russian steelmaker Evraz.

    It dropped 5.68% to 402.

    Among a sea of red in the blue-chip index, other major fallers were Informa (-3.55%), InterContinental Hotels (down 3.52%), International Consolidated Airlines (-2.95%), Antofagasta (-2.68%) and Imperial Brands (-2.62%).

  5. Easyjet leads the FTSE winners

    Easyjet plane

    Easyjet led the FTSE 100 risers today after it reported "strong" trading in the first quarter of its financial year and lifted its revenue growth forecast.

    The budget airline soared 4.62% to 1,517.

    Other key risers included L&G, up 1.79% at 307.60, and Melrose Industries, up 1.60% at 241.70.

  6. London markets close

    Traders

    The FTSE 100 has closed at 7,610.70, after falling 40.74 or 0.53%.

    The wider FTSE 250 index has lost 101.63, or 0.47% today, closing at 21,745.41.

  7. Being a teen activist 'is a lot of responsibility'

    Environmental activist Melati Wisjen

    Melati Wisjen is not your average teenager.

    At the age of 12, she and her 10-year-old sister Isabel decided something had to be done about the plastic waste clogging up the oceans around the Indonesian island of Bali where they live.

    So they launched a grassroots campaign on the island named Bye Bye Plastic Bags.

    After years of hard work it resulted in the local government banning single-use plastic bags, straws and styrofoam in 2019.

    read more

  8. South Africa's 'red gold'

    Video content

    Video caption: South Africa's 'red gold'

    The indigenous Khoisan people in South Africa are believed to have been the first to discover the Rooibos plant, which is popular as a tea.

    The Rooibos industry is booming and a landmark benefit-sharing agreement signed in November officially recognises the Khoisan by guaranteeing that they will receive 1.5% of the value derived from the growing, harvest, fermenting or drying rooibos annually.

  9. Microsoft backs agreement on taxing big tech

    Microsoft sign

    Microsoft President Brad Smith has told the BBC that the company would welcome a global agreement on taxing big tech companies.

    Speaking on Talking Business with Aaron Heslehurst on BBC World News. Brad Smith said: “I think it makes sense for big tech companies to pay appropriate taxes wherever we do business.

    "The key is it to do it on a more global basis, to advance discussions in the OECD. It’s good news if France and the United States have come together. That’s going to be good news for everybody.”

    Asked if the big tech firms should work together he said: “We should work together, We should speak up on a lot of issues. The question is always where do we find common ground?

    "You can see the tech sector finding some common ground around a more global or at least international approach.”

    France agrees to delay tax on tech giants

  10. RBS digital chief to leave

    RBS sign

    The head of Royal Bank of Scotland's standalone digital lender is to leave the company as part of a shake-up of management under the company's new boss, according to a report on Sky News.

    Mark Bailie, chief executive of Bo, which launched last year, is expected to step down in the coming months, it says.

    His departure is likely to be announced alongside or before RBS's full-year results announcement on 14 February.

  11. BreakingHundreds of management jobs to go at Sainsbury's

    Sainsbury's branch

    Sainsbury's is to cut "hundreds of management roles" in the next few months by "streamlining its structure".

    The supermarket chain - which also owns Argos - said it has already cut its leadership team by 20% since last March.

    "We have to adapt to continue to meet the needs of our customers now and in the future and, while change can be hard, it’s also necessary," said chief executive Mike Coupe.

    The company has been busy cutting costs since its attempt to merge with Asda was blocked in April by the Competition and Markets Authority and is now busy integrating further with Argos, that it bought in 2016.

  12. Davos: China keen to attract global investors

    Han Zheng
    Image caption: Han Zheng

    China will continue to reform as it seeks to provide greater market access for global investors, according to Chinese Vice-Premier Han Zheng.

    He told the World Economic Forum in Davos today that the underlying trend of China's economy remained unchanged and the country was well prepared to overcome all risks and challenges.

    "China will open its door still wider to the world," Han said, before defending globalisation and said international affairs should not be dictated by one country.

    "Unilateral and protectionist practices which run counter to the global trend will lead nowhere," Han said.

    "Despite the protectionist and unilateral moves by some countries, China will not stop opening up and we will not follow their footsteps to move in the opposite direction."

  13. Small steps make a big difference

    Electric kettle and mug

    More than one third of British households are paying more than they need to for their energy bills, new research suggests.

    A survey carried out by Citizens Advice and the Energy Saving Trust found that 36% of homes haven't changed the way they use energy in recent years, equal to roughly 9.7 million households.

    Most of those surveyed said they thought making small changes would make little or no difference to their pockets.

    But Business and Energy Secretary Andrea Leadsom said: “You’d be surprised at what small steps can make a big difference – both to energy bills and to your contribution to climate change.

    “I’d urge everyone to contact the Simple Energy Advice Service to see what they can do, whether it’s changing lightbulbs, switching provider or turning down the thermostat when away from home, to cut their emissions and their bills.”

  14. Aviva chairman to step down

    Aviva sign

    Aviva chairman Sir Adrian Montague will leave the company as soon as the insurer finds a replacement.

    Aviva's new chief executive Maurice Tulloch has outlined a plan which would bring major changes to the insurer, pledging to run the business better.

    "Now that Maurice has launched Aviva's strategy, a new senior management team is in place and the board has been refreshed, it is also time for a new chairman," Sir Adrian said.

    He remains as chairman of the Manchester Airports Group and Cadent Gas.

  15. Wall Street opens lower

    Wall Street

    U.S. stocks have opened lower, on worries about the fallout from a deadly virus outbreak in China and a gloomy growth outlook from the IMF.

    The Dow Jones Industrial Average fell 79.05 points, or 0.27%, at the open to 29,269.05.

    The S&P 500 opened lower by 8.59 points, or 0.26%, at 3,321.03.

    The Nasdaq Composite dropped 27.88 points, or 0.30%, to 9,361.07 at the opening bell.

  16. Trump decries 'doom prophets' as Thunberg watches

    President Trump and climate activist Greta Thunberg, 21 January 2020

    In case you missed it earlier, Donald Trump used his speech at the World Economic Forum in Davos to decry climate "prophets of doom".

    He called for a rejection of "predictions of the apocalypse" and said America would defend its economy.

    Mr Trump did not directly name the teenage climate activist Greta Thunberg, who was in the audience.

    Later, she excoriated political leaders, saying the world "in case you hadn't noticed, is currently on fire".

    Sustainability is the main theme of this year's forum.

  17. Thomas Cook archives to be opened to public

    Thomas Cook games

    Not many companies that have gone bust in recent times have left behind an archive described as "internationally significant".

    But the measure of how much collapsed travel firm Thomas Cook meant to Brits is that the firm's collection of posters, games, guides and staff uniforms is to be catalogued and made available to the public at Leicestershire county's record office.

    It was awarded the role of housing the collection - made up of thousands of individual items including early advertising posters, board games and 60,000 photographs - following a bidding process.

    Robin Jenkins, senior archivist at Leicestershire County Council, said: "This is an internationally significant archive relating to a company which began in Leicester.

    "They were very careful in what they collected and kept as a representative of the work of the company."

    Read more

  18. BreakingSales growth is actually a sales loss, Dixons admits six hours later

    Carphone Warehouse

    Shocking news from Dixons Carphone which this morning reported a 2% sales growth.

    It's now been forced to admit that it should have published a 2% sales fall.

    The shame-faced firm has just said: "Due to a clerical error, the previous version of the announcement showed Group Reported sales growth as “2%”, the correct growth is now shown as “-2%”

    The news sent the company's shares instantly plummeting 3p to 143p, wiping out all the earlier gains the share had enjoyed when the market thought the company's figures were good news.

  19. Uber sells its India food delivery business

    An Indian delivery man working with the Uber Eats food delivery app drives with a food order to bring to a customer in New Delhi.

    Uber has sold its food delivery service in India to local rival Zomato.

    All Uber Eats customers in India will now be redirected to Zomato but it's unclear if the acquisition will cause lay-offs.

    The deal is likely to give Zomato an edge over its rival Swiggy in a fast-growing but fiercely-contested sector.

    Read more here

  20. London's Ritz hotel 'up for sale'

    Ritz Hotel

    The Barclay brothers are in talks to sell London's famous Ritz hotel, according to the Financial Times.

    The paper says that Sir David and Sir Frederick Barclay are reviewing interest from Sidra Capital, a private investment group that represents wealthy Saudi Arabian families.

    A few parties have expressed interest in buying the Ritz, the FT says, and talks have been going on for several weeks.