The 10 biggest business stories on Wednesday December 16

US Federal Reserve set to raise rates for the first time since 2006; RBS to start sale process for Williams & Glyn;

(Getty Images)

1. America’s central bank, the Federal Reserve, is expected to put up interest rates for the world’s largest economy on Wednesday in order to reduce the risk of a burst of inflation.

2. UK unemployment figures are coming today. The rate currently stands at 5.3 per cent.

3. Royal Bank of Scotland is planning to launch the trade sale its Williams & Glyn unit, which it has to spin-off by the end of 2017 under European state aid rules, after receiving a number of informal approaches for the business.

4. Foxtons will buy back shares as the London estate agency seeks to return cash to shareholders following a sharp fall in its share price, the Financial Times reports.

5. China's President Xi Jinping laid out his vision for the Internet on Wednesday, calling for respect of different governance models and standardised online security, placing China at the front of debates on online control and sovereignty

6. SuperGroup the owner of British fashion brand Superdry, reported a 54 per cent rise in first-half profit on Wednesday in what it termed strong trading at its stores and online, and said it was well-placed for Christmas.

7. The Bank of England has again expressed concerns about the UK's buy-to-let property market, the BBC reports.

8. Rolls-Royce has announced that two of its top bosses - Tony Wood and Lawrie Hayes - are leaving the company as part of a management restructure.

9. The UK division of Starbucks UK on Tuesday reported higher profits for the year ending Sept. 27, even as its tax payment to Britain decreased by as much as 28 per cent.

10. Slack announced an $80 million startup fund. The office messaging startup and partners will contribute to the fund, which will invest between $100,000 and $250,000 in ventures in the Slack ecosystem. The company has raised $300 million and earned a valuation of $2.8 billion