Summary

  • US Fed announces third interest rate rise this year

  • Republicans reporting tax deal is agreed

  • Fed raises growth forecast and forsees more hikes in 2018

  • Crude oil prices head higher

  • UK employment falls by 56,000

  • Get in touch: bizlivepage@bbc.co.uk

  1. The million-dollar jelly bean-eating gamerpublished at 17:47 Greenwich Mean Time 13 December 2017

    Media caption,

    DanTDM: 2017's richest YouTuber on responsibility to young fans

    How much could you earn by eating jelly beans and playing video games? Look at this year's YouTube rich list and you might be surprised.

    British YouTuber Dan Middleton raked in $16.5m (£12.3m) this year, making him YouTube's highest earner. Known as DanTDM, he's famous for posting videos of himself playing Minecraft and doing humorous challenges.

    Dan started his channel while working in Tesco five years ago and has more than 10 billion views on all his videos.

  2. BP now has the world's most powerful supercomputerpublished at 17:32 Greenwich Mean Time 13 December 2017

    BP's Atlantis oil fieldImage source, BP

    BP now has the world's most powerful supercomputer in the world for commercial research.

    Using Hewlett Packard Enterprise's Apollo system and Intel's Knights Landing processors, BP's supercomputer is now a nine petaflops system with a memory of 1,140 terabytes (1.14 petabytes) and 30 petabytes of storage, the equivalent of over 500,000 iPhones.

    The supercomputer is critical for BP's business - earlier this year it helped the oil producer find an additional 200 million barrels of resources at the Atlantis oil field in the Gulf of Mexico.

  3. Taking stockpublished at 17:11 Greenwich Mean Time 13 December 2017

    fishing vessel at seaImage source, PA

    The EU has agreed new fishing quotas for the North Sea and the Atlantic for 2018 after all-night talks Wednesday, the AFP news agency reports.

    These are the last quota limits before Britain and its fishing fleet leave the EU.

    The number of species fished to their "maximum sustainable" levels will increase next year to 53, nine more than in 2017, ministers agreed in Brussels. But additional limits will be placed on critical stocks of eel and sea bass.

    "With this decision we have taken a clear step towards sustainable management of our fish stocks, while making sure that the agreement benefits our fishermen and coastal communities," said Estonian environment minister Siim Kiisler, whose country holds the rotating EU presidency.

    Britain said in July that it would also withdraw from a separate 50-year-old fishing pact allowing some foreign countries to fish closer to the coastline.

  4. Do you know your business beasts?published at 16:54 Greenwich Mean Time 13 December 2017

    Business Beasts

    Do dragon bonds and elephant curves mean anything to you? It’s a jungle out there and unless you’re able to spot the right animals, you could get lost.

    Luckily our journalists @dhrutishah, external and @dominicbailey_, external have created a handy guide to the beasts you find in the business world.

    Check out the Business Beasts glossary here.

  5. Renault gets into publishingpublished at 16:36 Greenwich Mean Time 13 December 2017

    Renault logoImage source, Getty Images

    This is an unusual deal.

    Renault is buying a 40% stake in the media company that publishes the French business magazine Challenges., external

    "Today, French and European commuters spend about two hours in their car every day," said Renault in a statement.

    "Claude Perdriel [the owner of Challenges] and Renault CEO Carlos Ghosn share the same conviction, that with the development of the connected driverless vehicle, users will have more time to spend on other activities while in the car."

  6. Target to buy grocery platform Shiptpublished at 16:20 Greenwich Mean Time 13 December 2017

    A Target shopImage source, Getty Images

    US retailer Target has announced that it is to purchase grocery delivery platform Shipt for $550m (£411.5m), in a bid to compete with the likes of online retailers like Amazon.

    Target will also be introducing same-day delivery on all groceries, home products, essentials, electronics and other items for about half of its stores in early 2018.

    Shipt offers $99 a year for unlimited deliveries made by personal shoppers. This service will be available at most Target stores before the holiday shopping season next year, the retailer said.

  7. Lufthansa gives up bid to buy Niki airlinepublished at 16:05 Greenwich Mean Time 13 December 2017

    Niki and Air Berlin aeroplanesImage source, Getty Images

    Austrian airline Niki is facing insolvency, as Lufthansa has given up on plans to purchase it from bankrupt Air Berlin, due to competition concerns from the European Commission.

    The Commission said that Lufthansa's wish to purchase Niki and 81 aircraft from Air Berlin for €210m presented "clear risks to Austrian, German and Swiss consumers and to effective competition".

    "Lufthansa informed Air Berlin and its insolvency managers that it will pursue the planned transaction without the purchase of Niki," the airline said in a statement.

    Air Berlin is currently being kept afloat by a €150m emergency loan from the German government.

    Other prospective buyers IAG and Thomas Cook have withdrawn their interest to purchase Niki, or are not able to provide a workable offer, which means Niki may be grounded for good.

  8. Uber suspension lifted by Sheffield councilpublished at 15:55 Greenwich Mean Time 13 December 2017

    UberImage source, PA

    The suspension of Uber's licence in Sheffield has been lifted by the city council.

    It took the action last month after the company failed to respond to its requests. Uber said the correspondence had been sent to the wrong address.

    The council has lifted the suspension following "productive discussions" and "satisfactory replies".

  9. How Toni Mascolo gave hairdressing a makeoverpublished at 15:41 Greenwich Mean Time 13 December 2017

    Toni Mascolo

    Toni Mascolo and his brother Guy revolutionised hairdressing in London at the end of the last century.

    The son of an immigrant hairdresser, Toni had initial dreams of becoming a lawyer, but hard times forced him into his father's business.

    Over 50 years, he was the family's business brain that turned Toni & Guy into an international franchise brand.

    Read our feature here.

  10. Sterling on the movepublished at 15:27 Greenwich Mean Time 13 December 2017

    Pounds, dollars and EurosImage source, Getty Images

    The pound is now up 0.4% against the dollar at $1.33710, due to doubts over whether market-friendly tax cuts will be introduced in Congress, following a Republican defeat in Alabama.

    Sterling is also ahead 0.33% on the euro at €1.13790.

  11. Mike Ashley 'close' to agreeing £300m deal to sell Newcastle teampublished at 15:10 Greenwich Mean Time 13 December 2017

    BBC Sport

    Newcastle football team's owner Mike Ashley is close to reaching an agreement with British businesswoman Amanda Staveley over the sale of the Premier League club.

    The investment firm run by Staveley- PCP Capital Partners - has put forward an offer of £300m, BBC Newcastle understands.

    Media caption,

    Benitez hopes for good takeover news after Everton fixture

  12. Wall Street rises on openpublished at 14:54 Greenwich Mean Time 13 December 2017

    Wall Street at ChristmasImage source, Getty Images

    US shares rose at open on Wednesday, on gains in technology stocks as investors await the Fed's decision on raising interest rates due later today.

    The Dow Jones is up 0.23% or 56.9 points to 24,561.68, led by Disney, which is up 0.7% to $108.19 on news it is close to confirming a deal to buy 21st Century Fox's entertainment assets for about $60bn (£44.9bn).

    The S&P 500 has risen 0.19% or 5.1 points to 2,669.19, led by telecoms firm CenturyLink, which is up 3.1% to $16.19.

    And the tech-heavy Nasdaq has climbed 0.37% or 25.4 points to 6,887.72.

    The winner on the index is tech firm Finisar Corp, up 26.9% to $24.50, on news Apple is to invest $390m into it to ramp up chip production for iPhone X features like Face ID.

  13. Pandox to buy 37 hotels for £800mpublished at 14:39 Greenwich Mean Time 13 December 2017

    Hilton London Heathrow AirportImage source, Pandox

    Swedish hotel properties owner Pandox has agreed to acquire a portfolio of 37 hotel businesses in the UK and Ireland for £800m.

    After a reorganisation of the portfolio, Pandox will retain ownership of 20 investment properties and one operating property in the UK and Ireland.

    Pandox already owns 122 hotels in Northern Europe and Canada. In the UK, it owns the Hilton London Heathrow Airport.

  14. Good Afternoon!published at 14:24 Greenwich Mean Time 13 December 2017

    Christmas on Oxford StImage source, Getty Images

    Thanks to Ben and Russell for this morning's live coverage of all things business.

    Mary-Ann Russon with you until 21:30 for the rest of the day's news and views.

    Got a point of view? Tweet me at @concertina226, external and @BBCBusiness, external

  15. Why the sudden change?published at 14:09 Greenwich Mean Time 13 December 2017

    Rob Young, BBC News business presenter explains the Bank of England's decision...

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  16. Bank of England removing "gendered language"published at 13:59 Greenwich Mean Time 13 December 2017
    Breaking

    Bank of EnglandImage source, Getty Images

    The Bank of England says it is planning to remove all "gendered language" from its documents and rules.

    Instead, it will introduce gender-neutral wording. For example, this means that all rules that use the word "chairman" will be rewritten to say "chair", while the word "grandfathering" will become "conversion".

    The Bank’s Prudential Regulation Authority says this forms “part of the PRA’s commitment to encourage equality and diversity at regulated firms”.

  17. Jeans made in Walespublished at 13:25 Greenwich Mean Time 13 December 2017

    BBC business reporter Will Smale tweets:

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  18. The 'matter is now closed'published at 13:08 Greenwich Mean Time 13 December 2017

    Investors reject payment to Mike Ashley's brother

    Mike AshleyImage source, Getty Images

    Here's Sports Direct's statement...

    "The board trusts that shareholders will welcome the steps taken to reassure them that John Ashley did not benefit inappropriately from being the brother of majority shareholder Mike Ashley (above). In fact, John was actually disadvantaged by approximately £11m after he forewent bonuses that he would have received if he were treated equally to other executives who helped to build the company.

    "By voluntarily abstaining from voting on this issue, the board has provided the company's independent shareholders the opportunity to determine whether or not to make a retrospective payment to John Ashley. The board respects the views of the company's independent shareholders, and considers all these matters to be closed. We now intend to move on."

    The precise voting breakdown is here, external.

  19. Sports Direct shareholders reject £11m payoutpublished at 12:59 Greenwich Mean Time 13 December 2017

    Sports Direct shopImage source, Getty Images

    Sports Direct shareholders have rejected a proposed £11m payment to the brother of its founder, Mike Ashley.

    The tycoon, who abstained from voting, wanted to give John Ashley the cash as a back payment. However, the vote was 70% against John Ashley receiving the sum.

    Sports Direct said: "The board respects the views of the company's independent shareholders, and considers all these matters to be closed. We now intend to move on."

    Investors such as Royal London Asset Management had said they would vote against the plan.

  20. Jihadist material discovered on LinkedInpublished at 12:41 Greenwich Mean Time 13 December 2017

    LinkedIn homepageImage source, Getty Images

    Lectures by a radical Islamist cleric linked to the 9/11 attacks and other jihadist content have been discovered on LinkedIn.

    The business-focused social network was alerted to the issue after an investigation by the Tony Blair Institute for Global Change.

    The Microsoft-owned business has since removed the material.

    But it faces criticism for not having taken a more proactive stance ahead of the discovery.

    According to the former prime minister's research body - whose remit includes counter-extremism - some of the documents had been on LinkedIn for eight years.

    The researcher who made the discovery, earlier this month, said there had been no obvious way to flag the problem to the technology company, and ultimately relied on the Times newspaper, external to bring it to Microsoft's attention.

    "Platforms must ensure that sufficient, effective reporting mechanisms are in place," Mubaraz Ahmed told the BBC.

    Read more details by our tech desk editor here.