Government delays airport decision
VW blames 'chain of errors' for emissions scandal
Sport Direct staff searches criticised
Benefit sanctions 'cause homelessness'
VW says customers will be compensated for loss of value
Bank of England keeps interest rates on hold at 0.5%
Glencore to accelerate debt reduction plan
US oil giant, ConocoPhilips expects to cut its investment in the business by 25% next year.
It's the latest oil firm to rein in capital expenditure amid weak oil prices.
ConocoPhilips also expects to raise $2.3bn from selling assets.
The sacking of South Africa's finance minister sent the rand tumbling, and that has had a knock-on effect for two London-listed companies.
Worst hit was FTSE 100 constituent Old Mutual, which has extensive operations in South Africa: its shares are down more than 11%. Asset manager Investec, which is on the FTSE 250, also operates in South Africa and its shares are down almost 8%.
Business correspondent Theo Leggett is standing by at Heathrow airport:
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Chris Johnston
Business reporter
Image source, Getty ImagesAnalysts are not impressed by Jacob Zuma's decision yesterday to sack Nhlanhla Nene (pictured) as South Africa's finance minister.
"We view this as profoundly negative," Peter Montalto, an analyst at Nomura. "The removal of a technocratically sound, decent, hardworking, well respected, fiscally conservative and reform-minded finance minister is a serious blow."
"We are in a crisis, and [Zuma] decides to get rid of the finance minister, and replace him with somebody without any experience," said Dawie Roodt, economic analyst at Efficient Group. "That is a very irresponsible thing to do. It sounds like a personal decision, not a decision meant for the wellbeing of the country. We have a president who cares very little about the damage caused by his actions."
The rand fell more than 5% yesterday and was at a new record low this afternoon.
BBC Africa's Lerato Mbele tweets:
David van Rooyen is sworn in as South Africa's new finance minister...
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Bloomberg reports, external that job vacancies in London's financial services industry fell by about a third in November, from a month earlier. Compared with November 2014, vacancies were down 13%.
The article quotes figures from recruitment firm Morgan McKinley. Its report says that the economic outlook is being clouded by concerns over China, terrorist attacks and the threat of the UK leaving the European Union.
That cloudy economic environment is adversely affecting hiring plans in the financial services industry, according to the recruitment firm.
IHS economist Howard Archer tweets:
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Meh.
That's how you could summarise the market reaction to the Bank of England's rate decision and accompanying minutes.
The FTSE 100 is down around 0.5% at 6,095, much where it was before the announcement.
The pound edged lower and is down two tenths of a cent against the dollar at $1.5164.
In the minutes, external from their most recent meeting Bank of England policy makers highlight the continued weakness of oil prices over the least month.
Quote MessageThe price of oil had fallen markedly again, increasing the likelihood that headline inflation rates would remain subdued, and nominal wage growth had levelled off."
As expected policy makers at the Bank of England have decided to keep interest rates unchanged at 0.5%.
Rates have been at that level since March 2009.
Shares in Volkswagen are down 0.8%, or €1.18, at €138.32 in Frankfurt as the news conference continues in Wolfsburg. The stock is now up about 15% over the past month - but down 23% for the year to date.
VW is going to provide an "attractive" package for customers who have seen the value of their Volkswagen car fall due to the scandal.
"We are going to prepare the right package for each market and that includes the UK," says Mr Mueller.
Volkswagen also says it has not put aside any extra funds to cover potential litigation. But at some time there might be some extra provision, says the company's chairman.
Volkswagen chief executive Matthias Mueller has no plans to go to the United States in the near future and that includes the Detroit car show.
Image source, Getty ImagesNo great surprise that VW chairman Hans Dieter Poetsch says there are no indications that any supervisory or management board members were involved in the scandal.
He also says that more "tangible" results from their investigation need to come through before he can decide when all affected vehicles will be fixed, and how much it will all cost.
Mr Poetsch also says VW has no plans to sell any assets as it is financially solid.
Image source, Getty ImagesMatthias Mueller says a massive slump in sales has not occurred in the wake of the scandal and that the company see no reason to change forecasts issued in late October.
However, he does admit that the picture across its various brands is very mixed: "We are fighting for every customer and every car."
Investor confidence is also returning, Mr Mueller adds. "We want to create a new, stronger Volkswagen."
VW chief executive Matthias Mueller says that he hopes VW's management restructuring will be completed by 2017.
The culture of "yes men" needs to change and that the "brave" attitude of Silicon Valley needs to be adopted within VW, he saud.
How can this be completed? "Just do it," Mr Muller says, helpfully.
Mr Mueller said that certain VW divisions will become closer as part of the company's restructuring. Luxury brands including Audi will be brought together for "greater synergy".
He also says that China will have its own group board member because of the "crucial importance" of the region.
Mr Mueller said that VW needs to become leaner, and more cost-effective. All of these structural changes aim to reduce the complexity of management and "steerability" of the company.
There will be no longer be a sales or research and development team at a management level, but there will a new function of "integrity and legal" affairs which Mr Muller hopes will demonstrates how important this function is following the recent scandal.
Image source, Martin TietzVolkswagen will be selling the Airbus plane it owns, chief executive Matthias Mueller says, because the company does not need its own aircraft.
Mr Mueller says that VW will have a fundamental restructure of its management and corporate culture, as well as strategic targets for the future - although that does not mean that everything at VW was bad in the past.
He says that a company of VW's size can simply not be managed according to "yesterday's structures".
The group will be decentralised and that brands and regions will be given more autonomy, Mr Mueller adds.
The situation in the United States is much more complicated than that in Europe, admits VW chief executive Matthias Mueller. However, he says there will be no cost to owners for fixing their vehicles and that VW will also provide alternative transport solutions for those affected.