The 10 biggest business stories on Wednesday December 23

Top banks pay no UK corportation tax; Nike profits rose 20%; Game Digital warns on half-year profit

Nike quarterly profits jump 20% (Getty Images)

1. The estimates of the UK economic growth have been revised down in a consecutive dose of bad news for the Chancellor of the Exchequer.

2. Five of the world’s biggest investment banks paid no corporation tax in Britain last year despite making billions of pounds in profits.

3. Nike profits rose an unexpected 20 per cent in the three months to November. Greater China made up 34 per cent of that growth, while Japan made up 32 per cent and North America 14 per cent.

4. Christos Angelides has left Abercrombie & Fitch after just over a year at the struggling US fashion label.

5. Video games retailer Game Digital warned on first-half profit, citing challenging trading conditions and disappointing sales since the start of school Christmas holidays.

6. John Lewis, said on Wednesday its sales rose 7 per cent year-on-year in the week to December 19, driven by a 30.3 per cent jump in online sales.

7. Misleading broadband ads are hiding the true cost of contracts and are making it too difficult for consumers to compare prices, a charity has warned.

8. Kim Dotcom the founder of Megaupload, a website used for piracy, is eligible to be extradited to the US to face multiple charges.

9. Sportech said it has received "a number of indicative proposals" to acquire The Football Pools business on Wednesday . The gaming company said it has invited all the interested suitors to table their best and final proposals for the business by mid-January

10. French consumer spending fell unexpectedly by 1.1 per cent in November from October, the sharpest drop since January 2014, primarily due to a 5.6 per cent fall in energy consumption and a 4.7 per cent drop in spending on new clothing amid unusual warm weather.