crypto's bull run — the chair of the sec, gary gensler, steps down as bitcoin nears the $100,000 mark. yet another bump in the road for europe's ev industry. battery start—up northvolt goes bust as uk car—makers call on the government to ease sales targets. spain fines a series of budget airlines, including rya nair and easyjet. we'll explain why and what it means for passengers. the ultimate game, black myth: wukong, is crowned game of the year at the golden joystick awards, in what has been a tough year for the industry. welcome to business today. let's start in the us where the chair of the us financial regulator, the securities and exchange

commission, gary gensler has announced that he is stepping down on the day of donald trump's inauguration in january. the president—elect revealed plans to sack mr gensler on "day one" of his new administration — after the chairman took legal action against crypto firms, sparking controversy in some quarters. the news comes as investors are eyeing bitcoin as it approaches the historic $100,000 mark. gary gensler was seen as aggressive in his oversight of cryptocurrencies, which he described as "the wild west". investors have remained bullish on bitcoin since donald trump's presidential victory earlier this month. 0ur north america business correspondent ritika gupta has more. bitcoin is heading towards the $100,000 threshold. while the milestone number itself is more psychological than meaningful, it is striking that bitcoin is notching record after record high,

and the latest boost has come from the announcement that the securities and exchange commission chair, gary gensler, who led a us crackdown on cryptocurrencies, will step down on january 20th. that's also the day donald trump will be sworn into the white house. investors have remained bullish on pro—crypto policies from the incoming trump administration. bitcoin has soared about 40% since trump's presidential victory, and reports of the president—elect�*s transition team discussing the possibility of a first ever role for crypto policy also sent the token higher. bitcoin has been a key component of the trump trade, as trump has promised to explore crypto friendly initiatives, including the creation of a bitcoin national stockpile and the replacement of sec chair gary gensler. that's in addition to the flurry of optimism for the digital asset in recent weeks. software company microstrategy has been ramping up purchases of the token, and options on bitcoin etfs debuted, attracting big inflows.

there's more bad news for the european ev industry as the battery start—up northvolt has filed for bankruptcy protection in the us. seen as europe's big hope for home—grown manufacturing and countering china's dominance, northvolt had been struggling with production at its factory in northern sweden and failed to agree a last—minute rescue package with investors. the news comes as, here in the uk, the government is under increasing pressure from the car industry to weaken rules designed to force them to build more electric vehicles. vehicle manufacturers say they are already being forced to cutjobs to address slowing sales and the costly ev transition. alanjohnson is vice president of manufacturing for nissan motor here in the uk. he told the bbc why they're concerned about the ev targets. the market isn't there.

the sales customers are not buying evs, as had been expected 18 months ago. things have changed and because of that we're going to have to redirect a lot of funding that was dedicated to these projects in the uk, redirected to subsidise manufacturers who have got no industrial operation in the uk. the boss of ryanair has hit out at plans by spain to fine budge airlines a combined 179 euros million euros for practices such as charging for cabin luggage and seat selection. rivals easyjet, vueling, norwegian and volotea are also being fined. the fines penalties were first announced in may and appeals lodged by the companies have been dismissed. in a statement, the ryanair boss michael 0'leary said "these illegal and baseless fines, have been invented by spain's consumer affairs ministry for political reasons". he described them as in breach

of eu law and went on to say, "these illegal spanish fines, which are based on an ancient 1960s law which predated spainjoining the eu, would destroy the ability of low cost airlines to pass on cost savings to consumers via lower fares". let's discuss this with our airlines expert, john strickland. here we are again, john. lots of airlines nude out and about at the moment. let's discuss what this will mean for ticket prices and if, as a consumer, you can get compensation. i think those are the questions that many of us will be asking.— will be asking. basically, low-cost _ will be asking. basically,

low-cost airlines, - will be asking. basically, low-cost airlines, led . will be asking. basically, low-cost airlines, led by| low—cost airlines, led by ryanair, have massively reduced the average price of travel and that has led to an expansion of the number of people who can travel, not only for holidays and non—reasons, but for businesses, too. there has been a genuine democratisation of air travel led by low—cost travellers. the way they have done it is this strip out all the other elements of air travel. they say if you want the additional elements we are happy to provide it, but you will have to pay. the average price of a ryanair flight is 50 euros one—way. ancillary revenues, including baggage fees, can run from 30% up to

50% of these airlines. without them, they are left with a massive hole in their finances will have to go back to the old system that included everything weather we wanted them or why did sain weather we wanted them or why did spain decide to go away ahead with this when portugal stopped? i ahead with this when portugal sto ed? ~ ahead with this when portugal stoned? ~ ahead with this when portugal sto ed? ~' .,, ., stopped? i think it was a political _ stopped? i think it was a political decision. - stopped? i think it was a political decision. there | stopped? i think it was a i political decision. there has been a similar legal case running in italy. we had consumer authorities in the uk looking at the prices for non—ticket elements. they are probably killing the goose that laid the golden a, particularly for a country that relies as much on tourism spindles. if fares go up and demand is stifled, could come back to haunt them. i'm not surprised ryanair have legal action. if

we have this process put in front of us in a clear way, people could use their own judgment on what they want or need to pay. there has to be that ability to choose a basic ticket price or other elements as well. to germany now and more evidence that europe's biggest economy is at a standstill. we've just had revised growth figures for the three months to september and they are worse than previously thought. germany's gross domestic product grewjust 0.1% in the three months to september, that's accordng to a final estimate out today, and down from a previous estimate of 0.2%. it is on track to be the worst performing economy in the g7 group of rich nations this year, declining for the second full year in a row. germany is facing a catalogue of problems — a rise in competition from china and a slump in demand from this key export market have

hit its big companies hard. on thursday, the ig metall labour union called vw workers out on strike over plans to cut pay and jobs and close plants in germany for first time in the auto giant's 87—year history. the country also faces snap elections after the collapse of the ruling coalition earlier this month. let's hear now from christian schulz, deputy chief european economist at citi. lovely to have you with us. how closely are of the political booms in germany tied to its economic problems?- booms in germany tied to its economic problems? yes, good afternoon- _ economic problems? yes, good afternoon. they _ economic problems? yes, good afternoon. they are _ economic problems? yes, good afternoon. they are clearly - afternoon. they are clearly very closely tied, but beyond just the underperformance that we have seen in germany for such a long time, it is about

the physical ruled that germany has in the way the ability of the government to respond to it, ithink the government to respond to it, i think that has been bringing down the government, so germany has a very strict for school route that was tightened last year by the constitutional court, and that has effectively been taken to chilly for a government a way to address the economic weakness and that is why we now have this on top of all the other issues we have already mentioned. other issues we have already mentioned-— mentioned. there is talk of recession. _ mentioned. there is talk of recession. the _ mentioned. there is talk of recession. the recession i mentioned. there is talk of - recession. the recession feared by analysts is that we could be heading towards a 0.3% recession. what are your thoughts on that? germany has had a quarter— thoughts on that? germany has had a quarter of— thoughts on that? germany has had a quarter of growth - had a quarter of growth followed by a quarter of decline, a quarter of growth again. all very low numbers. i

think increasingly germany fulfils both criteria weather it is two successive quarters or not. the unemployment rate has been writing by a full percentage point. unemployment is up 400,000 in the last year alone. it will keep rising. he talked about factory closure is an important car companies. it is time now for reforms, to open the floodgates, cut taxes, raise investment and get the economy going again. how raise investment and get the economy going again. how do you feel germany's — economy going again. how do you feel germany's position _ economy going again. how do you feel germany's position for - feel germany's position for this potential trade war that is looming next year and those brighter, stronger industrial policies in the us? it brighter, stronger industrial policies in the us?— policies in the us? it calls even more _ policies in the us? it calls even more for _ policies in the us? it calls even more for a _ policies in the us? it calls even more for a change i policies in the us? it calls even more for a change in policies in the us? it calls - even more for a change in the business model away from air depending on exports, instead it should look at internal

business. to the world of gaming now. the golden joysticks awards took place in london last night. the ultimate game of the year award went to black myth: wukong. the action role—playing game was developed by the chinese company game science and draws its inspiration from a 16th—century chinese novel. it comes at the end of a difficult year for the industry that's seen thousands ofjob losses as consumers spend less on games and consoles, following a boom during the covid pandemic. stay with us here on bbc news.

hello from the bbc

sport centre. premier league clubs have approved changes to the rules around commercial deals after a meeting where teams voted earlier today. it came after an independent panel found parts of the premier league's rules to be unlawful earlier this year following a lawsuit instigated by manchester city. 16 of the clubs voted in favour to change the associated party transaction regulations, which relate to companies or people who have a significant interest in the relevant club. the premier league resumes this weekend after the international break. it's top against bottom on sunday as liverpool face southampton at st mary's. arne slot�*s side have a five—point lead but he knows there's still a lot of football to be played. i would be a bit strange if i would tell you that i'm not enjoying being in the position we are in now,

but we also understand that it's only 11 games.