Li Ka-shing: Phone King Is Business 'Superman'

Li Ka-shing has a fortune currently estimated by financial information firm Forbes at about $35bn (£23bn).

His sprawling ports-to-retail global conglomerate operates in more than 50 countries. Here's a look at the life of Asia's richest man:

:: Humble Upbringing

Born in 1928 in Chiu Chow, a coastal city in the southeastern part of China. At the age of 12 he was forced to quit school and fled to Hong Kong with his family to avoid war.

Before he was 15, Li's father died and the teenager faced the prospect of providing for his family. He found a job in a plastics firm where he worked for 16 hours a day. But by the 1950s he had pursued a venture making and exporting plastic flowers to the US and started his own company, Cheung Kong Industries. 

:: Lifestyle

In spite of his wealth, Li has cultivated a reputation for leading a no-frills lifestyle, and is known to wear simple black dress shoes and an inexpensive Seiko wristwatch.

However, his house is in one of Hong Kong's most expensive precincts, Deep Water Bay in Hong Kong Island.

The 86-year-old is said to remain physically fit by rising before 6am every day and playing golf for an hour and a half. He also uses a treadmill for 15 minutes at noon.

:: Wealth

The 86-year-old self-made entrepreneur is Hong Kong's richest person, and has been so for more than 15 years. His sprawling ports-to-retail global conglomerate operates in more than 50 countries.

Because of his wealth, he is regarded as a celebrity and national hero, and even has a wax statue at Madame Tussauds Hong Kong (the only non-artist to have one in Hong Kong).

:: Business

Li is often referred to as "Superman" in Hong Kong because of his business prowess.

From manufacturing plastics in the 1950s, Mr Li led and developed his company into a leading real estate investment company in Hong Kong that was listed on the Hong Kong Stock Exchange in 1972.

It acquired Hutchison Whampoa and Hongkong Electric Holdings Limited in 1979 and 1985 respectively.

Mr Li is the Chairman of Cheung Kong (Holdings) Ltd, the flagship of the Cheung Kong Group which has business operations in over 50 countries around the world and employs over 280,000 staff.

:: Entrepreneur

He has donated more than $1.41bn to date to charity and other various philanthropic causes and has received an Honorary Doctorate from Cambridge University among other education establishments.

In 1980 Mr Li established the Li Ka-shing Foundation, with the aims of nurturing a new culture of giving, supporting education reform and advancing medical research and services. A year later he founded Shantou University, the only privately-funded public university in China.

:: Like Father...

Mr Li has two sons. The elder, Victor, is deputy chairman of Hutchison Whampoa Ltd and holds several other business roles, while the younger son Richard is chairman of PCCW, one of Asia's leading information and technology and telecommunications companies.

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Three Dials O2 To Become Biggest Mobile Firm

A cash deal of more than £10bn could lead to the creation of the UK's largest mobile phone operator, with Three taking over O2.

Three's parent, Hutchison Whampoa - owned by the richest man in Asia, Li Ka-Shing - said it was in "exclusive negotiations" with Telefonica to buy the UK's second-largest mobile firm for £10.25bn.

Hutchison confirmed in its statement that it had offered £9.25bn, with a deferred further payment of up to £1bn after completion of the deal but it said any agreement would be subject to due diligence and regulatory approvals.

Any tie-up would be likely to interest industry authorities as it would reduce the number of players in the UK mobile phone market to three - hitting competition - despite the possibility of both brands remaining.

The telecoms watchdog, Ofcom, could demand that Three and O2 hand over some spectrum capacity to rivals.

A combined player would create a company with a current market share of around 40% - with 31 million customers between them.

Three, which is currently the smallest of the UK's mobile operators in terms of market share behind Vodafone, has been setting lower price tariffs in a bid to attract new customers and grow its stable.

EE - which is the current market leader with 32% - is on the verge of being snapped up by former O2-owner BT in a deal worth £12.5bn.

BT is bidding to become a so-called "quad play" provider by bundling home phone, mobile, TV and broadband services together in a single package.

Its proposed deal with EE sparked a frenzy of speculation about whether other players in those markets would look to follow suit through either acquisitions or partnerships.

Telefonica's willingness to part with O2 was seen as acceptance that it did not want to enter the quad play arena in what is a declining mobile phone market.

It is widely believed to be looking at emerging markets to achieve growth.

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Not Lovin' It: McDonald's Set For Menu Revamp

By Sky News US Team

We haven't been lovin' it - and now McDonald's is planning drastic changes to try and tempt back customers.

The fast food chain reported falling earnings and sales for a fourth consecutive month on Friday.

Its answer? Customised burgers and sandwiches, among other changes, to try and compete with rivals such as Chipotle and Subway.

There will be more local menu choices and customers could soon be able to order with mobile devices.

As well as changes to its menu, the chain plans to slow down new restaurant openings in some markets.

However, McDonald's expects sales to remain weak while it deals with the fallout from a food safety scandal in China, global economic uncertainty and shifting tastes.

CEO Don Thompson said: "January comparable sales are expected to be negative and results are expected to remain pressured, particularly in the first half of the year."

Fourth-quarter net income dropped 21% to $1.1bn (£732m), while revenue fell more than 7% to $6.57bn (£4.3bn).

Global sales at established restaurants were down 0.9%.

McDonald's has 36,000 restaurants worldwide. It will open 1,000 more this year - down from 1,300 in 2014.

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Three Dials O2 To Become Biggest Mobile Firm

A cash deal of more than £10bn could lead to the creation of the UK's largest mobile phone operator, with Three taking over O2.

Three's parent, Hutchison Whampoa - owned by the richest man in Asia, Li Ka-Shing - said it was in "exclusive negotiations" with Telefonica to buy the UK's second-largest mobile firm for £10.25bn.

Hutchison confirmed in its statement that it had offered £9.25bn, with a deferred further payment of up to £1bn after completion of the deal but it said any agreement would be subject to due diligence and regulatory approvals.

Any tie-up would be likely to interest industry authorities as it would reduce the number of players in the UK mobile phone market to three - hitting competition - despite the possibility of both brands remaining.

The telecoms watchdog, Ofcom, could demand that Three and O2 hand over some spectrum capacity to rivals.

A combined player would create a company with a current market share of around 40% - with 31 million customers between them.

Three, which is currently the smallest of the UK's mobile operators in terms of market share behind Vodafone, has been setting lower price tariffs in a bid to attract new customers and grow its stable.

EE - which is the current market leader with 32% - is on the verge of being snapped up by former O2-owner BT in a deal worth £12.5bn.

BT is bidding to become a so-called "quad play" provider by bundling home phone, mobile, TV and broadband services together in a single package.

Its proposed deal with EE sparked a frenzy of speculation about whether other players in those markets would look to follow suit through either acquisitions or partnerships.

Telefonica's willingness to part with O2 was seen as acceptance that it did not want to enter the quad play arena in what is a declining mobile phone market.

It is widely believed to be looking at emerging markets to achieve growth.

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ECB Triggers €1.1trn Quantitative Easing

The European Central Bank (ECB) has confirmed a €1.1trn stimulus scheme aimed at halting the eurozone's slide towards economic stagnation.

The monetary policy measure, announced at a news conference by ECB president Mario Draghi, was bolder than investors had expected - with European stock markets rising and the euro falling in value as the core details emerged.

Its current stimulus would be extended from March to include so-called quantitative easing, the Bank confirmed.

The ECB said it intended to spend a combined €60bn (£46bn) a month on sovereign and corporate bonds until September 2016, with individual central banks in the 19-member eurozone sharing some of the risks of the money-printing exercise.

The flood of money should bring borrowing costs down, boost bank lending and weaken the euro further to bolster its  competitiveness.

The aim of the QE programme is to prevent the euro area spiralling into deflation - an entrenched period of falling prices which puts consumers and businesses off spending.

Inflation is already running at -0.2% and Mr Draghi told reporters the outlook required a "forceful" policy response.

The ECB said countries under a bailout programme, such as Greece, would be included in the QE programme but with some additional criteria.

A political crisis in Greece risks plunging the euro area into further chaos, as a snap general election this Sunday could bring an anti-bailout party to power - a development which would potentially lead to the country's exit from the single currency.

Angela Merkel said governments still had to set policies to tackle debt

The QE programme was announced two-and-a-half years after Mr Draghi pledged to "do whatever it takes" to save the euro amid fierce opposition to QE from Germany over fears it will stop national governments fixing their finances.

German Chancellor Angela Merkel said any ECB decision could not replace government action on tackling debt.

Video: Economic ghost still haunts Germany

Speaking at the World Economic Forum in Davos she said: "It should not obscure the fact that the real growth impulses must come from conditions set by the politicians.

"What's important for me is that (politicians) move even more decisively to address the issues, rather than thinking that the buying of time through other measures means we can forget about structural reforms."

The ECB did not need German permission for QE.

It said bonds would be bought on the secondary market in proportion to the ECB's capital key, meaning the largest economies from Germany down will see more of their debt purchased by the ECB than smaller peers.

The bonds will mature over periods of between two and 30 years.

The prospect of dramatic ECB action had already prompted the Swiss central bank to abandon its cap on the franc while
Denmark, whose currency is pegged to the euro, was forced to cut interest rates in anticipation of the flood of money.

Video: Lighter Side Of Quantitative Easing

The euro dropped 1.4 cents against the dollar following the QE announcement while bond yields in Italy and Spain hit historic lows, reducing the cost of servicing their debts.

Video: Trichet: 'Common Sense To Prevail'

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Greece Poll: Syriza Vows To End 'Humiliation'

The leader of Greece's Syriza party has vowed to end the country's "national humiliation" as opinion polls show the party's lead is widening ahead of Sunday's election.

Alexis Tsipras told thousands gathered in Athens that an outright victory for the leftist party would allow Greece to turn its back on four years of austerity.

"On Monday, national humiliation will be over. We will finish with orders from abroad," Mr Tsipras told the election rally.

"We are asking for a first chance for Syriza. It might be the last chance for Greece."

The Syriza party's platform of pledging to overturn austerity cuts and demand European debt write-offs has unnerved financial markets.

Video: Family Living Off Food Donations

But many in Greece have embraced the party's promises as the country struggles with unemployment of more than 25% and pension cuts.

During the rally, Mr Tsipras was joined on stage by Pablo Iglesias Turrion, the leader of Spanish left-wing party Podemos.

Supporters waved Greek flags and placards reading "Change Greece, change Europe".

Video: Olympic Sites Left Crumbling

Opinion polls released on Thursday showed that Syriza has widened its lead over Prime Minister Antonis Samaras' conservatives.

Mr Samaras is due to hold his final election rally today.

A poll by Metron Analysis suggests Syriza's lead over the New Democracy party has grown to 5.3 points, up from 4.6 points.

Video: How Greece Affects The UK

Syriza could claim as much as 36% of the vote, putting it on the verge of an outright victory, according to the poll.

Analysts fear a victory for Syriza could lead to confrontations with the European Union and the International Monetary Fund, and a possible Greek exit from the Eurozone.

Under Greek electoral law, parties must secure 3% of the vote to enter the 300-seat parliament, with the largest party claiming a 50-seat bonus.

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eBay To Slash 2,400 Jobs In Major Shake-Up

eBay has announced plans to cut 2,400 jobs as it prepares to separate Paypal from the rest of the business.

The online retail-based company said the losses represented 7% of its total workforce. 

The cuts would enable it to simplify its structure and boost profit, eBay said.

The California-based firm, which has been planning to spin off its PayPal payments business in the second half of the year, also confirmed it may separate or sell its enterprise unit, which develops online shopping sites for retailers.

eBay said too that it agreed with activist investor Carl Icahn, who urged it to spin off PayPal, that he should get an executive from his investment firm to sit on eBay's board.

Icahn holds a near 8% stake in eBay.

The announcements overshadowed the company's results which showed fourth quarter revenue increased 9% to $4.9bn (£3.2bn) on the same period last year, resulting in a 12% rise during 2014 as a whole.

It highlighted a 58% rise in mobile payment volumes in the three months to 31 December.

The statement added: "Looking forward to 2015, we will be simplifying organisational structures to focus the businesses and ensure that we are set up to compete and win.

"During the first quarter, we plan to reduce our workforce globally by approximately 2,400 positions which a represents about 7% of our total workforce across eBay Marketplaces, PayPal, and eBay Enterprise.

"We will also be exploring strategic options for eBay Enterprise, including a sale or IPO.

"Enterprise is a strong business and a leading partner for large retailers, managing mission critical components of their e-commerce initiatives.

"However, it has become clear that it has limited synergies with either business and a separation will allow both to focus exclusively on their core markets, as we create two independent world class companies."

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ECB Expected To Announce Quantitative Easing

At last. It may have taken five years but today the European Central Bank is expected to press the button on its own quantitative easing scheme.

Before that jargon turns you off, this is big news. Quantitative easing - the printing of electronic money, which is used to buy government bonds - is the nuclear button in the central banking arsenal.

It's what you do when interest rates are already rock bottom and still your economy is stalling.

The Bank of England has printed £375bn of cash - enough to buy every property in Scotland and Northern Ireland.

The Federal Reserve in the US has bought enough to afford it every property in New York and London. In other words, this is big stuff.

Video: Trichet: 'No Magic Wand' For Euro

Why has the ECB taken so long to get round to it? Three main reasons come to mind.

First, the Germans are desperate to avoid any central bank money printing at all. Memories of 1920s hyperinflation run deep.

So the Bundesbank, the German central bank which is now a member bank of the ECB, has been against this each step of the way.

Second, there are big technical challenges. For instance, if you're buying government bonds, whose do you buy: Germany's, Greece's, Spain's?

How do you account for the fact that some of those bonds are more expensive and some are more risky - more likely to default?

Third, there have been legal problems. Written into the ECB and eurozone's founding articles are clauses preventing the area from so-called "monetary financing" - using the central bank to allow governments to raise money.

Squint your eyes tight enough and that's precisely what QE looks like. The European Court of Justice passed a ruling recently which implies that this may not be quite as much of a barrier as previously thought - but there are still some open questions.

Those barriers haven't gone away. However, in recent months the eurozone economy has slid in a direction that makes even the most resistant a bit more open to QE.

The core of the economic area is stalling: growth in Germany and France is close to non-existent. In other parts of the eurozone - Greece, Italy, Spain - things look positively dire.

Video: Italy: ECB Set To Buy Govt Bonds

Inflation across the eurozone has fallen into negative territory, dropping to -0.2%. That is so far below the ECB's 2% target that it would be odd, frankly, if it didn't do something about it.

Hence why everyone is expecting its president, Mario Draghi, to announce QE today.

That said, there remain some big questions: how big will it be; what bonds will the ECB buy; will it take on the risk of them defaulting in the future?

Such questions aren't just technical: they determine how successful the policy will be. Generally speaking, the more half-hearted things like this are, the less likely they will make much difference.

Finally, there's the rather more baleful question: is QE really worth it at all?

There are still open questions about just how successful it has been in the US and the UK, not to mention Japan.

In those economies it has certainly boosted asset prices (for instance of houses and shares). There is less evidence of it boosting productive economic activity.

Many questions for the ECB. But at last we are about to get some answers.

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Balfour Beatty To Take Extra £70m Profit Hit

An independent probe into Balfour Beatty's finances is to result in the firm's UK construction profits taking a further hit of £70m.

The company confirmed the pain following a Sky News report on Wednesday night which said the results of the internal report, completed by auditors, would be released on Thursday following an emergency board meeting.

The firm had previously taken £135m in provisions related to its UK construction arm following a string of problems including cost over-runs, skills shortages and weak controls.

Balfour Beatty's statement said that KPMG's review meant that the board expected to reduce 2014 UK construction profits by £20m "relating to the difference between the reported contract positions."

The further £50m related to "an assessment of contract forecasts and subsequent deterioration in project performance up to the end of December 2014."

The Board was also to "assess the overall level of contract risk provisions in the UK construction business in light of the operational issues identified and will announce the outcome at the full year results in March."

KPMG's investigation examined the company's focus on commercial controls, on 'cost to complete' and contract value forecasting and reporting at project level".

Balfour Beatty, which has a contract to help convert London's Olympic Stadium into a new home for West Ham United FC, has issued a string of cost alerts to the market in the last 18 months.

Chief executive Andrew McNaughton was replaced recently with former QinetiQ boss Leo Quinn while chairman Steve Marshall is expected to step aside soon.

Balfour confirmed today that to maintain a strong balance sheet, it was cancelling its planned share buy-back of up to £200m.

Mr Quinn said: "The summary report on UK Construction is an important step in drawing a line under a period of uncertainty for our customers, and enabling us to focusfully on delivering value.

"I was never in doubt that there was a great deal of work to be done to restore the Group to strength.

"Balfour Beatty is a large organisation which had become too complex and too devolved for adequate line of sight and financial control.

"The key is that these issues can be put right and we now have clear action plans in hand.

"Significant opportunity exists across the Group to drive reduced costs, improved profits and strong cash generation to the full benefit of our shareholders."

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Obama Demands Action On Taxes and Terrorism

By Sky News US Team

President Barack Obama said it is time for the US to "turn the page" on years of hardship, as he urged Republicans to back tax increases on the rich to help struggling American families.

During his annual State of the Union speech in the House of Representatives, a bullish Mr Obama declared that "the shadow of crisis has passed" after two wars and a "vicious recession".

The President, whose approval ratings are on the up, appeared undaunted by Republicans who have just assumed control of both houses of Congress for the first time since he came to office.

He said: "Will we accept an economy where only a few of us do spectacularly well?

"Or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort?"

Video: State Of The Union: Tax And Terrror

He added: "So the verdict is clear. Middle-class economics works. Expanding opportunity works."

The Democratic President wants to increase the capital gains tax rate on couples making more than $500,000 (£330,000) per year, from 23.8% to 28%.

Republicans will not pass the increases, but he will place them in the tricky spot of blocking measures that could offer a lift to working families.

In his nationally televised, hour-long speech, he also called on lawmakers to pass a new authorisation of military force against Islamic State militants.

He said the US-led effort to stop the extremists from advancing in Iraq and Syria is working without sucking the US into another Middle East ground war.

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1. Gallery: Key Moments From State Of The Union

   A bullish President Barack Obama has delivered his sixth State of the Union speech in the US House of Representatives

The main aisle of the chamber was thronged as usual with lawmakers eager to greet him as he arrived to give his address

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Stamp Duty Changes 'Saving Buyers £1,300'

By Poppy Trowbridge, Consumer Affairs Correspondent

Stamp duty changes are saving home buyers an average of £1,300, according to figures from the Mortgage Advice Bureau.

The changes were announced by Chancellor George Osborne in his Autumn Statement last month.

Buyers in the South East and London are saving the most, about £3,870 and £4,600 respectively, according to the National Mortgage Index. 

In the North West the savings average £1,059, or 3% of a deposit.

But in Scotland, where the average house price is £248,000, buyers are saving just £12.19.

Video: Dec: Osborne's Boost For Buyers

"The changes mean the market can grow on a surer footing, and we now have a more sensible approach to stamp duty in place," said Brian Murphy, the MAB's head of lending.

"However, there are still regional pressures and we mustn't forget the vital support needed by less affluent buyers."

Deposits also reached a 14-month high in December, at £71,078. 

Tighter affordability criteria imposed by banks have fuelled higher down-payments, but the stamp duty savings may also have contributed.

The typical mortgage applicant's deposit in December made up 30.7% of the purchase price, according to the research.

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1. Gallery: Stamp Duty: How Much Will You Save?

   Homes bought for under £125,000, such as these terraced houses, are unchanged by the new rules and buyers still do not have to pay any Stamp Duty

Someone choosing a typical three-bedroom semi-detached costing £185,000 would pay £1,200 instead of £1,850 under the old rules - a £650 saving

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SpaceX Lands $1bn Google Tech Investment

SpaceX has confirmed a $1bn (£660m) investment from Google and Fidelity Investments to boost innovation in space transport and satellite manufacturing.

The cash injection represented a near-10% stake in the spaceship manufacturer, valuing it close to $10bn (£6.6bn).

SpaceX, which stands for Space Exploration Technologies, hit the headlines earlier this month when its Falcon 9 rocket launched supplies to the International Space Station but its efforts to land the booster on a barge, in a bid to reuse it, failed.

The company has huge ambitions, with its founder Elon Musk aiming to fly people to Mars within the next 12 years.

Google's investment is more about growing revenue closer to home, with the owner of the largest internet search engine and digital ad network buying out satellite firm Skybox Imaging last year. 

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1. Gallery: SpaceX's Reusable Rocket

   SpaceX, a private aerospace company, wanted to try and land a Falcon 9 rocket on a platform in the ocean as part of its efforts to make the craft reusable

SpaceX founder Elon Musk said being able to use rockets again would cut the cost of space travel

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IMF Cuts Growth Prospects Despite Oil Prices

The forecast has been slashed for global economic growth this year - with the UK's outlook also taking a hit.

The International Monetary Fund's World Economic Outlook update said that apart from in the US, the economic performance of all major economies had fallen short of expectations.

It also appeared to back further stimulus measures that look likely to be unveiled in the eurozone this week.

The IMF estimated that gross domestic product (GDP) in Britain grew by 2.6% in 2014 compared to a previous forecast of 3.2%.

It still expects the UK to grow by 2.7% this year while it has cut its forecast for 2016 by 0.1% to 2.4%.

Video: IMF: New Growth Fears For Eurozone

Global growth is expected to be 0.3% weaker - at 3.5% for 2015 and 3.7% for 2016.

Chancellor George Osborne said: "Today's IMF forecast shows Britain is pulling ahead, while global growth is being downgraded.

"But there are risks out there in the global economy.

Video: Oil: Winners and Losers

"It's a timely reminder of that and we've got to go on working through our long-term economic plan if we want to stay ahead."

The IMF said the cut in estimates reflected prospects in China, Russia, the eurozone and Japan.

There had also been weaker activity in some major oil exporters - with oil prices having dropped by more than half since September.

Video: Why Is BP Cutting Jobs?

"The boost from lower oil prices is expected to be more than offset by an adjustment to lower medium-term growth in most major economies other than the United States," the IMF said.

Video: Brent Crude Could Go Below $40

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Shoplifting Surge 'Not Taken Seriously'

By Martin Brunt, Crime Correspondent

Police forces are being accused of not doing enough to tackle a boom in shoplifting.

A survey shows a 36% rise in the money lost in shop thefts, the highest figure for a decade.

But most shoplifting goes unreported because shopkeepers do not believe the police will respond, according to the British Retail Consortium (BRC).

It said: "Despite the high level of theft, and evidence that some retailers are adopting more consistent "no exception" policies to reporting offences to the police, the majority of customer theft remains unreported.

"This is an indication that businesses continue to lack confidence in the police response to customer theft.

"The perception remains that some quarters of law enforcement view theft as a 'victimless' crime which is not taken seriously."

Video: Shoplifting Hits 10-Year High

Toy shop owner Steve Mohabir, who runs The Toy Box in Godalming, Surrey, said he faced increasing thefts but found police were rarely willing to arrest suspects.

He said: "To be totally honest I'm really furious.

"I pay a high business rate, but I don't get the police service I need, no local bobby keeping an eye on retailers and our problems.

"If I report shoplifting I get told 'it's not very much' and nothing is done about it, but if it's an armed robbery at the bank they are much more interested."

Mr Mohabir said he has had to resort to investing in an expensive CCTV system and then shaming shoplifters by putting their images on his Facebook page.

The BRC's 2014 retail crime survey put the annual cost of all crime at £603m, an increase of 18%, with a total of three million crimes.

As well as the increase in shoplifting, fraud rose by 12% - more than half committed by organised gangs - and cyber crime also went up.

However, robbery, burglary and criminal damage fell.

The BRC's Director General, Helen Dickinson, said: "In my foreword to last year's report I said that a step change improvement in the law enforcement response to fraud was a desperately needed reform. A year on, this remains the case.

"Although there remains at times a lack of confidence among retailers about the service they receive from police and the criminal justice system, businesses are keen to work with partners to reduce retail crime."

Deputy Chief Constable Sue Fish, the National Policing Lead for Retail Crime, said: "Police have been working closely with businesses and retailers for several years, including British Retail Consortium, to help them prevent theft whether from stores or online. 

"Stores need to ensure that they have the right security and working practices in place and heed advice to prevent them from being targeted.

"Without retailers making these changes, police will not be able to work in partnership to reduce this type of crime.

"Retailers need to report crimes against them to us so that we can investigate and ensure we have a full picture of offending; our ability to help is undermined if we aren't receiving information about crimes committed."

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Chinese GDP Growth At 24-Year Low In 2014

By Mark Stone, Asia Correspondent in Beijing

China's economy has expanded at its slowest pace in 24 years.

Statistics published by the Chinese government show that the world's second largest economy grew by 7.4% in 2014 compared with 7.7% in 2013.

The government target of 7.5% was missed but the level was still above market predictions as low as 7.1%.

The slowdown comes as China attempts to rebalance its economy from an export-led market to one which must rely on domestic consumption. A global slowdown means China can no longer rely on its "Made in China" exports.

Chinese government officials see the slowdown as inevitable and say the delicate rebalance represents the 'new normal'.

However it will cause nervousness around the world with economies globally tied into China. Bilateral trade between China and the UK stands at £53bn – a record high.

A further breakdown of figures was provided by the Chinese National Bureau of Statistics at a news conference in Beijing. 

One of China's few official measures of its unemployment rate put it at 5.1% in 2014. Economists say the true figure is almost certainly higher.

In an exclusive interview with Sky News, the Chairman of Chinese property and entertainment giant Dalian-Wanda, said the slowdown is a "painful" process.

"For China, over the past two years, there has been an obvious decline and slowdown. But in fact this is just an adjustment," Wang Jianlin said.

"Although this year, the economy is slowing down, but there is an obvious improvement in domestic consumption which is increasing much faster than the exports. Of course it's a painful process."

But he added: "Chinese economic growth of around 7% a year shouldn't be a problem. The Chinese economy definitely won't collapse."

For a period last year, Mr Wang was China's richest man. According to Forbes, he is currently worth £12bn. "Last year's No 1 on the Forbes China Rich List slipped 3 notches this year due to lower values for the commercial real estate owned by his Dalian Wanda Group."

China's property sector has been a big drag on its economy.

In cities all over China, skyscrapers and apartment blocks are shooting up. They've been building across China for years: the consequence of government encouragement to borrow and build. But many sit empty; some are only half built.

Sky News visited the central Chinese city of Xianning, which has been officially declared a ghost city.

It's not deserted. Far from it. 31 million people live in Xianning, but that is only 30% of its capacity.

In other words, 70% of its property lies empty. Tower blocks have been built but nobody has moved in.

It's a similar picture in cities across China: the legacy of years of credit-fuelled investment have prevented a recession but someone will need to pay for the construction at some point.

China's Prime Minister, Li Keqiang, once let slip to a US diplomat that Chinese GDP figures are 'for reference only'.

For the true health of an economy, he said, one must look at things like electricity usage.

China produced 490.2 billion kilowatt-hours (kWh) of electricity in December 2014, up 1.3% on the year.

But how accurate is that figure? The new tower blocks in Xianning are illuminated, but only with neon on the outside.

Inside, they are dark and empty.

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Eurotunnel Fire: Delays Continue For Third Day

Travel disruption sparked by Saturday's fire in the Channel Tunnel is dragging on into a third day.

Eurotunnel passengers travelling by car or coach from the UK are having to wait about 90 minutes, and "approximately three hours" on the French side.

In an early morning update, the company said there was still "some timetable disruption" as repair work went on to fix damaged sections of the tunnel.

Despite the delays, Eurotunnel said it was "optimistic" of "more regular departures".

Train operator Eurostar, a separate company, was also hopeful, tweeting: "Eurostar plans to run a full service on Mon 19 Jan. Passengers are advised to check-in as normal."

Saturday's cancelled service caused big queues at London St Pancras

Thousands of passengers using Eurotunnel and the Eurostar high-speed train were left stranded on Saturday after a lorry fire stopped services.

Spokesman John O'Keefe said a "smouldering load" was found in the trailer of the lorry.

1/11

1. Gallery: Travel Chaos In London And Paris

   This was the scene at St Pancras International station in London as Eurostar services are cancelled in both directions on Saturday

The company said trains would not be running on that day

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Cameron Puts Jobs Vow At Heart Of Campaign

David Cameron has set out his plan for full employment, promising to make Britain the "jobs factory of Europe" as the economy returns to health.

The Prime Minister, speaking in Ipswich later, will say the country is "coming out the other side" after a "tough few years".

With just months before the general election, he will also promise to treble start-up loans for young business people and urge voters to stick with his recovery plan.

Labour however, have said the Tories are out of touch if they think the economy is "fixed" and that most workers are now worse off.

In his speech, Mr Cameron is expected to say: "Full employment may be an economic term, but this is what it means in human terms: it means more of our fellow men and women with the security of a regular wage; it means you, your family and your children having a job and getting on in life.

"We are the jobs factory of Europe; we're creating more jobs here than the rest of Europe put together.

The Tories say they will boost start-up loans for young entrepreneurs

"That's what our long-term plan means for you - and if you vote Conservative, we can stay on this road to recovery."

His plans to boost jobs include: three million more apprenticeships; controlling immigration and migrant benefits to get more Britons back to work; extra support for small business, such as cutting red tape and keeping taxes low; investment in infrastructure.

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"The Conservatives are the party of small businesses," Mr Cameron will say.

"We're the party of the roofers and the retailers; the builders and the businesswomen.

"We're the ones who back people who strike out on their own, take the risks, and create wealth and jobs in our country."

Video: Chancellor George Osborne MP

The Prime Minister will say the boost in start-up loans - which are typically around £5,000 - will create at least 100,000 jobs by 2020.

Labour has hit out at the PM's boasts about a healed economy, saying it shows they are out of touch with normal working people.

Rachel Reeves MP, Labour's shadow work and pensions secretary, said the party had presided over "five years of talents wasted and opportunities denied".

Video: Reeves On Working Up Wages

"The average wage has fallen more than £1,600 per year, 3.5 million people want to work more hours, and the number of people paid less than a living wage has risen to nearly five million," said Ms Reeves.

She said a Labour government would also show strong support for small business and help low-paid workers.

"[We] will bring in a Compulsory Jobs Guarantee to get the long-term unemployed off benefits and into work," said Ms Reeves.

Video: Cameron On Employment

"We will ban exploitative zero-hours contracts, boost apprenticeships, raise the minimum wage to £8 per hour and get more workers paid a living wage."

The Prime Minister's jobs pledge comes as the gap between Britain's best and worst-performing cities has "dramatically widened", according to a new study.

The Centre for Cities research group says for every 12 jobs created since 2004 in cities in southern England, only one was created in cities in the rest of the country.

Video: Ed Miliband: Train Or Lose Benefits

In The Margins: The 150 Key Election Constituencies

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Thorntons Like-For-Like Retail Sales Up 5%

Struggling chocolate maker Thorntons has reported a 5% increase in like-for-like retail sales in the last quarter.

But the firm's supermarket sales fell by 10.5% compared to the previous period, blamed on "challenges experienced in a couple of major grocers", and short-term problems at its new centralised warehouse.

Shares in the company rose by 1.75% in response to the second quarter trading update.

During Christmas, like-for like retail sales rose by 7.8%, driven by demand for Thorntons' inlaid boxes, seasonal specialities and advent calendars, reports the firm.

The results come after the business closed four stores and relocated two others, leaving a total of 247 of its own stores.

Overall, the company reported a 6.4% decline in sales for the 14 weeks to 10 January, although this is an improvement on the previous quarter when sales fell 11.9%.

Jonathan Hart, Thorntons' chief executive, said: "Alongside very positive results from our Retail division for the second year running, we were disappointed that the continued growth we anticipated in the UK commercial channel of our FMCG division had not been delivered.

"The challenges we experienced within specific grocers accounted for the majority of the share decline."

In December, shares in the business plunged 25% when it warned annual profits would fall in the current year.

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London 2012 Exec Gives John Laing IPO Boost

By Mark Kleinman, City Editor

An official who helped steer London's staging of the 2012 Olympic Games is to join the board of John Laing, the infrastructure investor, as it prepares for a stock market listing valuing it at more than £1bn.

Sky News understands that Jeremy Beeton, who was director-general of the Government Olympic Executive, will be one of several non-executive directors named this week ahead of what would be the largest City float so far this year.

John Laing, which is owned by Henderson, the asset management group, is expected to raise tens of millions of pounds by selling new shares if it successfully completes its listing.

The company's most prominent projects include the second Severn river crossing and the new Alder Hey children's hospital in Liverpool.

Mr Beeton's appointment will be announced alongside that of David Rough, the former deputy chairman of Xstrata, who courted City controversy by rubber-stamping huge executive pay awards when it merged with Glencore in 2013.

An insider said that Mr Rough would not chair the remuneration committee of John Laing.

Anne Wade, a former executive at the fund management giant Capital International, will also be appointed to John Laing's board, a source said on Saturday.

Mr Beeton was paid a bonus of more than £200,000 for his role working on the London Olympics.

In July 2012, he was approved by Whitehall's Advisory Committee on Business Appointments – which seeks to prevent conflicts of interest for public servants who move to the private sector – to take roles at Macquarie, the Australian bank and infrastructure investor, and PricewaterhouseCoopers, the accountancy firm.

Macquarie was this week reported to be pursuing a possible takeover bid for John Laing, although insiders said this weekend that the company was "focused on an initial public offering".

John Laing was listed on the stock market until 2007, but had experienced a traumatic time after costs spiralled out of control during work on the Millennium Stadium in Cardiff.

Henderson has been keen to explore an exit for some time.

John Laing's new chief executive, Olivier Brousse, believes its shares will be attractive to new investors because of the scope to export the public-private partnership (PPP) around the world.

"There is a lot of interest in John Laing because of the potential to scale it up," he told The Times last month.

"For us it is about getting more funds to grow the business — 2015 will bring the answer and then we can decide on new sectors and new countries."

John Laing has already developed a presence in Australia and Mr Brousse describes the US market as "our new frontier".

The valuation of John Laing when it lists will depend on the demand for new shares and the broader market sentiment at a time when currency moves by the Swiss central bank and concerns about global economic growth have caused some jitters among investors.

John Laing is a separate company to John Laing Infrastructure Fund, which is already listed and which recently attempted to bid for a large chunk of Balfour Beatty, the troubled construction group.

A John Laing spokesman declined to comment.

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Final Whistle For West Ham Shirt Sponsor

Foreign exchange broker Alpari UK has entered insolvency following market turmoil over Switzerland's shock decision to unpeg its currency from the euro.

Within minutes of the early morning announcement on Thursday, the currency spiked around a third against the single European currency and the dollar while Swiss shares tanked more than 8%, prompting confusion and anger across trading room floors.

The move was seen as a bid by Switzerland's central bank to prepare the ground for quantitative easing in the eurozone - expected to be announced next week in an attempt to halt a slide towards deflation and boost economic activity.

Alpari is understood to have more than 200,000 clients and it said the majority had sustained losses.

It was not the only brokerage to take a massive financial hit in the wake of the turmoil with another firm in New Zealand also going out of business.

At the time of the market meltdown, Alpari's chief market strategist had declared the Swiss action "completely irresponsible" given recent support for the peg by the central bank.

Alpari said today: "The recent move on the Swiss franc caused by the Swiss National Bank's unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity.

"This has resulted in the majority of clients sustaining losses which has exceeded their account equity.

"Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency.

"Retail client funds continue to be segregated in accordance with FCA rules."

The currency peg, which was introduced in September 2011, was an attempt to halt the rise of the franc against the euro at a time when the eurozone debt crisis was at its height.

The strong franc was then particularly problematic for Swiss exporters, who were forced to drastically cut prices to remain competitive.

In an effort to contain the franc's future appreciation and limit any damage to the Swiss economy, the central bank also lowered a key interest rate to -0.75 to dissuade banks from parking their cash at the national bank, opting instead to invest in the Swiss economy.

West Ham, which signed its shirt sponsorship deal with Alpari UK two years ago, refused to comment on the company's financial woes.

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Delays As Eurostar Services Resume After Fire

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Video: Eurotunnel Services Resume

Passengers are being warned to expect delays on Eurostar services after a lorry fire left thousands stranded on both sides of the Channel.

Passenger services and the Eurotunnel Le Shuttle car service were stopped on Saturday after the vehicle caught fire on the French side of the railway's south tunnel.

The incident led to long queues at St Pancras station in London as services were cancelled. Queues have formed again at the station, where Sky's Charlotte Lomas-Farley reports this morning's first Eurostar train has now departed.

There were also delays and queues in Paris.

A Eurotunnel spokesman said services resumed at 2.45am UK time.

1/7

1. Gallery: Travel Chaos In London And Paris

   This is the scene at St Pancras International station in London as Eurostar services are cancelled in both directions

The company said trains would not be running on Saturday

]]>

Large queues of passengers have formed - but they are being told they will be unable to travel

]]>

It is a similar scene at Gare du Nord station in Paris - this board shows all services have been cancelled

]]>

Passengers are having to make alternative arrangements

]]>

Passenger service Eurostar says it plans to run a full service today, but only "for passengers who have an existing reservation for this date".

Trains are expected to be delayed by between 30 minutes and an hour.

The company added that people whose trains were cancelled on Saturday are advised not to arrive at stations unless they had already been re-booked.

A Eurostar spokesman said: "All passengers who are booked to travel tomorrow, Sunday 18 January, should check in as normal half an hour before departure.

"Eurostar services tomorrow are already very busy and availability is limited."

Earlier, Eurotunnel spokesman John O'Keefe said a "smouldering load" was found in the trailer of the lorry.

The alarm was triggered after CO2 detectors were activated in one tunnel, Eurotunnel said.

Video: Passengers Hit By Eurostar Alert

A Kent Police spokesman said: "A lorry fire has led to the closure of both bores of the Channel Tunnel.

"The fire was at the French end of the tunnel and is being dealt with by the French authorities.

"There are no reported injuries."

In March, hundreds of Eurostar passengers were delayed after a lightning strike triggered a fire in a building close to the entrance to the tunnel in Kent.

Although there was no damage to the track, four trains in and out of England were affected.

Three eventually reached their destination but the fourth, which had been heading to Paris, was forced to turn back to London.

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We use cookies to give you the best experience. If you do nothing we'll assume that it's ok.

Video: Eurotunnel Services Resume

Passengers are being warned to expect delays on Eurostar services after a lorry fire left thousands stranded on both sides of the Channel.

Passenger services and the Eurotunnel Le Shuttle car service were stopped on Saturday after the vehicle caught fire on the French side of the railway's south tunnel.

The incident led to long queues at St Pancras station in London as services were cancelled. Queues have formed again at the station, where Sky's Charlotte Lomas-Farley reports this morning's first Eurostar train has now departed.

There were also delays and queues in Paris.

A Eurotunnel spokesman said services resumed at 2.45am UK time.

1/7

1. Gallery: Travel Chaos In London And Paris

   This is the scene at St Pancras International station in London as Eurostar services are cancelled in both directions

The company said trains would not be running on Saturday

]]>

Large queues of passengers have formed - but they are being told they will be unable to travel

]]>

It is a similar scene at Gare du Nord station in Paris - this board shows all services have been cancelled

]]>

Passengers are having to make alternative arrangements

]]>

Passenger service Eurostar says it plans to run a full service today, but only "for passengers who have an existing reservation for this date".

Trains are expected to be delayed by between 30 minutes and an hour.

The company added that people whose trains were cancelled on Saturday are advised not to arrive at stations unless they had already been re-booked.

A Eurostar spokesman said: "All passengers who are booked to travel tomorrow, Sunday 18 January, should check in as normal half an hour before departure.

"Eurostar services tomorrow are already very busy and availability is limited."

Earlier, Eurotunnel spokesman John O'Keefe said a "smouldering load" was found in the trailer of the lorry.

The alarm was triggered after CO2 detectors were activated in one tunnel, Eurotunnel said.

Video: Passengers Hit By Eurostar Alert

A Kent Police spokesman said: "A lorry fire has led to the closure of both bores of the Channel Tunnel.

"The fire was at the French end of the tunnel and is being dealt with by the French authorities.

"There are no reported injuries."

In March, hundreds of Eurostar passengers were delayed after a lightning strike triggered a fire in a building close to the entrance to the tunnel in Kent.

Although there was no damage to the track, four trains in and out of England were affected.

Three eventually reached their destination but the fourth, which had been heading to Paris, was forced to turn back to London.

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1. Indonesia: Foreigners Executed By Firing Squad
2. UK To Host Summit To Tackle Islamic State
3. Qatar Migrant Worker Claims 'A Dirty Game'
4. Murdered Artist: Police To Begin DNA Screening
5. Fish Factory Fire Raged For Over 10 Hours

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