China became the world’s biggest trader in goods for the first time last year, overtaking the US for all of 2013 and finishing the year with record trade figures in December. Coming fast on the heels of China taking over as the world’s largest oil importer, the shift is another milestone as the country takes its place among the world’s most powerful nations. Trade with the rest of Asia and increasing flows with the Middle East represent a shift in power away from the US, still the world’s largest economy. – Financial Times

Customers of Apple spent more than $10bn in the technology empire’s App Store last year as they stocked up on games, maps and tools for their smartphones and tablets. The Silicon Valley corporation revealed that $1bn was spent in the store last month alone. Last year, Apple said developers of applications that were not made in-house received $7bn, which accounts for nearly half of the $15bn paid to app makers since the App Store opened in 2008. – The Times

Seven million people who were mis-sold identity theft insurance will receive compensation following a successful vote on whether the payouts were fair. An average of £200 will be paid to customers of CPP, who were sold useless insurance that protected their credit and debit card. – The Telegraph

Kate Swann could soon be back at the helm of a public company after it emerged that SSP is considering a £2bn stock market flotation alongside a possible trade sale. An exit by EQT Partners, the catering group’s private equity owner, would be expected to crystallise a big windfall for the former WH Smith chief executive, who took the helm in September. – The Times

Soaring regional tensions around the East China Sea are taking their toll on trade, with as many as 60% of China’s corporate leaders unwilling to do business with Japanese firms, according to a new poll. Only 13% of Chinese businessmen said that they were able to separate their work from the current political tensions, while 60% of corporate leaders in South Korea also voiced concern at conducting business with Japanese companies. – The Telegraph

Chinese imports of crude oil grew by the least in almost a decade in 2013, new government data show, posing a challenge to exporters from the Middle East to Africa who are competing to sell more oil into the world’s second-largest economy. – Financial Times