The 10 biggest business stories on Tuesday January 5

China's stocks continue to fall; Next reports disappointing sales

(REUTERS/Li Sanxian)

1. European inflation figures are to be released today. Consumer price index data for the Eurozone will be released at 10 am with economists predicting core inflation in December of 0.4 per cent up from 0.2 per cent in November, but still well below the European Central Bank’s target of around 2 per cent.

2. Chinese stocks continue to fall after trading was halted on Monday. The Shanghai Composite fell 1.5 per cent to 3,246.61 after opening more than 3 per cent lower. The Hang Seng also fluctuated, and ended 0.8 per cent down at 21,166.81.

3. At least 10 Chinese companies said their controlling shareholders or senior executives would not sell shares on the secondary market within the next six or 12 months, in an attempt to prop up China's stock market after a 7 per cent plunge.

4. Retailer Next is blaming warm weather and “poor stock availability” for disappointing Christmas sales. Between 26 October and 24 December, sales at its High Street shops fell 0.5 per cent but rose 2 per cent at the Directory arm.

5. Bwin.Party digital says it has returned to sales growth ahead of its takeover by Irish rival GVC. The company’s revenue grew 5 per cent on annual basis in the fourth quarter.

6. Trendit, the first firm to list in London this year, made a strong debut yesterday despite stocks plunging worldwide.

7. Gunmaker Smith & Wesson says business is booming. The company expects to sell more guns in the three months to the end of January with the sales in the range from $175 million to $180 million.

8. Facebook has a backup plan in case it has a conflict with Google. The company has developed a way to deliver updates without going through the Google Play Store, in the event that Google tried ever pull its Android app.

9. French largest mobile operator Orange confirmed on Tuesday it was in renewed preliminary talks about a merger with domestic rival and third largest company Bouygues Telecom, creating a new telecom giant with 50 per cent market share in France. According to French weekly Le Journal du Dimanche Orange is preparing a €10 billion offer for Bouygues Telecom.

10. Central and Eastern European budget airline Wizz Air said its passenger traffic and load factor both improved in December, on Tuesday. The company carried 1.5 million passengers in December, up from 1.3 million a year earlier. Its passenger traffic increased 22 per cent, for the 12 months to the end of December.