18 October 2013 Last updated at 10:04

Business Live: Chinese growth up and other news updates

Key Points

  • China's economic growth sped up, with third quarter GDP growth of 7.8%.
  • BBC reporters in the US as government went back to work.
  • Grangemouth refinery remained closed amid union dispute.
  1.  
    0600: Edwin Lane Business reporter, BBC News

    Good morning and welcome. We'll be bringing you the day's business headlines, as well as company results, economic data and the best of the BBC's business stories as they happen. You can get in touch by emailing bizlivepage@bbc.co.uk or tweeting @BBCBusiness.

     
  2.  
    0600: Anthony Reuben Business reporter, BBC News

    Good morning. Welcome to the business live page, which definitely isn't going to put it's prices up by 9%, so switch to us.

     
  3.  
    CHINESE GROWTH 0605:

    China's economic growth picked up pace in the July-to-September period - the first rise in three quarters. The world's second-biggest economy grew 7.8%, from a year earlier, up from 7.5% expansion in the previous quarter.

     
  4.  
    CHINESE GROWTH 0605: Linda Yueh Chief business correspondent

    If you want to get a bit of context around those Chinese growth figures, watch this video from Linda Yueh.

     
  5.  
    CHINESE GROWTH 0606: Linda Yueh Chief business correspondent

    blogs: "One thing that hasn't changed is that there are more questions than ever over the reliability of Chinese figures. It's not just GDP, but the other data releases today have also come in largely as expected."

     
  6.  
    CHINESE GROWTH 0608:

    Some other Chinese numbers released this morning have come in line with expectations: industrial production rose 10.2% from a year earlier in September, retail sales were up 13.3% and fixed asset investment grew by 20.2%.

     
  7.  
    TOYOTA RECALL 0610:
    Toyota Camry car

    Japanese car maker Toyota is recalling cars again. This time it's because of a leak in air conditioning units that it says could leak into the airbag control module. The problem affects 885,000 cars.

     
  8.  
    ENERGY PRICES 0610:

    Lots of coverage this morning of the price rise by British Gas, which was announced yesterday morning. The government encouraged people to shop around to find a better deal. I wonder how many of the energy companies will have to raise their prices before this stops being the government's response.

     
  9.  
    US STATISTICS 0614:

    One helpful little thing: now that the US government is back to work, it is planning to release a bunch of important statistics that were supposed to be released, but weren't. Here is the schedule of what we can expect when, from the US Bureau of Labor Statistics.

     
  10.  
    US BACK TO WORK 0618: Radio 4

    The Today programme's business presenter Simon Jack is in New York this morning, talking to people about what impact the US Federal shutdown has had on the economy.

     
  11.  
    RECORD RENTS 0619:

    There's also been much discussion of the news that private rents in England and Wales hit a record high last month. Most countries experience at least some inflation, which makes record prices a daily occurrence. Corn Flakes are probably also at a record high. Average rents rose by 2.1% in September. But overall inflation was 2.7% that month.

     
  12.  
    Via Twitter Linda Yueh Chief business correspondent

    tweets: #China investigates Nanjing mayor, 10th official with rank of deputy minister or higher to fall under new leaders

     
  13.  
    US BACK TO WORK
    BBC World Service reporter Rob Young reporting in Jackson, Mississippi

    BBC Producer Lucy Burton tweets: "Arthur and Rebecca are chatting to us on #bbcnewsday about the economic situation in Mississippi"

     
  14.  
    BLOCKED PIPES 0632: Radio 4
    Chicken

    The chief executive of Dynorod, David Alexander, is being interviewed in the Today programme's Friday Boss slot. They unblock your drains apparently. "What's the most interesting thing you've found down the loo?" asks Simon Jack. "Roasted chickens," is his reply. "Our engineers really should wear their underpants on the outside, they are superheroes."

     
  15.  
    US BACK TO WORK 0632: Rob Young Business reporter, BBC World Service

    speaks to residents at a local bar in Mississippi about the recent government shutdown. "It is just beyond my comprehension, that they can't sit down and talk business. I have to sit down and talk business every day," one woman says.

     
  16.  
    BANK OF ENGLAND 0634:
    Mark Carney and James Tucker (right)

    It's deputy governor Paul Tucker's last day at the Bank of England today. In a farewell interview with the Financial Times he warned that regulation of the mainstream banking sector could just shift its problems into a shadow banking sector of hedge funds and other institutions that are not regulated in the same way as banks.

     
  17.  
    US BACK TO WORK 0640: World Service

    "People look out for each other here, people tend to look out for their neighbours," another resident tells the BBC's Rob Young in Mississippi. "It's putting a lot of people out. People who can't afford to pay their employees."

     
  18.  
    TOP STORIES
    • Chinese growth rises to 7.8%
    • US government resumes work
    • Grangemouth refinery remains closed
     
  19.  
    DR MARTENS SALE 0652:
    Dr Martens boots

    The Independent is one of the papers this morning reporting that the family owners of Dr Martens boots are close to a £300m deal to sell the brand to the private equity company Permira, which already owns brands such as New Look and Hugo Boss. It attributes the story to sources close to the deal and say it could be completed within a month.

     
  20.  
    ENERGY PRICES 0658: BBC Breakfast

    Mark Todd, co-founder of energy switching service energyhelpline, tell Breakfast's Dominic Laurie that a third of us have never switched our energy supplier, but it only takes five to 10 minutes, he says, and we could save big bucks.

     
  21.  
    DISGRUNTLED LOVERS 0701:
    Video still showing Ji Yingnan with her lover, who she says is government official Fan Yue

    This BBC story has been getting some great play on US blogs recently, so let's give it an airing here: as many as 15% of whistleblowers on Chinese government corruption were... the disgruntled mistresses of party officials. An interesting detail in a week when we've heard so much about Chinese business deals and economic growth.

     
  22.  
    LLOYD'S OF LONDON 0707:

    Here's the top line from this morning's management statement from the insurance market Lloyd's of London: "During the period there have been no events that have resulted in any material changes to our expectations for the full year." So, no disasters in the past three months. And people say we only report bad news.

     
  23.  
    Via Twitter Lucy Burton Business reporter, BBC News
    Rob Young in Mississippi

    tweets: That is @robyounguk trying to muffle the loud music coming from the bar on #BBCNewsday

     
  24.  
    US BACK TO WORK 0722: Radio 4

    Mario Martoni, a cafe owner in New York, tells the BBC's Simon Jack that business has fallen 30-35% as a result of the US government shut down. "The government should get their act together - it's like child's play," he says.

     
  25.  
    BBC ECONOMICS EDITOR 0722:
    Robert Peston

    Congratulations from the live page team to BBC business editor Robert Peston, who announced yesterday he would be moving a few seats along the desk to be the new BBC economics editor. Is that a promotion?

     
  26.  
    FED TAPERING 0724:

    Could the Federal Reserve begin "tapering" as early as December? That's what the Financial Times is suggesting this morning. But the decision to start slowing the flow of easy money may still be a while off. Reuters reports that the bruising budget battle may have delayed policy changes since, as the Wall Street Journal says, the economic cost of shutdown has yet to be counted.

     
  27.  
    GRANGEMOUTH 0734:

    There's still no production at the Grangemouth refinery this morning. It remains closed despite the Unite union calling off a planned strike. Scotland's First Minister Alex Salmond met both sides in the dispute last night, and has called for production to resume.

     
  28.  
    TRADING PLAYERS 0741:
    Adrian Foster of the Houston Texans Adrian Foster of the Houston Texans is one of the first sign-ups

    Would you invest in your favourite football player? A US startup called Fantex Holdings yesterday started a new trading exchange to buy and sell interests in athletes - with ambitions to expand to actors and other celebrities. This takes fantasy football to a whole new level.

     
  29.  
    GRANGEMOUTH 0745:
    Grangemouth

    Grangemouth's owner, Ineos, has warned that it could take weeks to restart the refinery, after operations were wound down ahead of the planned strike this weekend. "When Unite forced us to shut down in 2008 we had two major incidents and it took eight weeks to get back to normal," they said.

     
  30.  
    Via Twitter Douglas Fraser Business and economy editor, Scotland

    Pat Rafferty says Unite won't strike at Grangemouth before Jan, in return for Ineos withdrawing proposed contract changes. On @bbcgms

     
  31.  
    CITY HALL BID 0752:
    City Hall

    You can't fight City Hall, but you may be able to buy it. This morning's Times reports that the property investment arm of the government of Kuwait has bid £1.5bn for the More London complex next to London's Tower Bridge, which includes the headquarters of London mayor Boris Johnson.

     
  32.  
    0757: Radio 4

    Earlier this morning on Today, Simon Jack spoke to the BBC's Linda Yueh about how the US shutdown has affected the balance of power with China, and to the boss of drain unblockers Dynorod about what he's found down the loo. Listen back to the whole thing on the podcast.

     
  33.  
    SO FAR THIS MORNING 0801:

    If you're just joining us, China has released lots of economic data this morning, signalling a bit of a pick-up with GDP rising to 7.8%. We have correspondents reporting from New York and Mississippi on the US government getting back to work, and Grangemouth refinery is still shut down, despite the strike being called off.

     
  34.  
    GIRLS AND TECHNOLOGY 0810:
    Anne-Marie Imafidon

    Why don't more girls work in the technology industry? Only 17% of the UK's tech jobs are held by women. In science, technology, engineering and maths areas women make up just 13% of the workforce. One young entrepreneur, Anne-Marie Imafidon, has set out to change that.

     
  35.  
    BONMARCHE 0822:
    Bonmarche logo

    Women's clothing retailer Bonmarche has announced plans to float on the stock market. It plans to list shares on London's Alternative Investment Market (AIM) less than two years after it was bought out of administration by a private equity firm.

     
  36.  
    MARKETS ROUND-UP 0823:

    It's time for a quick markets round-up: In Asia there's been a mixed reaction to Chinese growth figures, with the Hang Seng in Hong Kong up nearly 1%, while the Nikkei in Tokyo is down. In Europe, investors have been pretty positive. The FTSE has just opened up about 0.5%, as have the Dax in Frankfurt and the Cac 40 in Paris.

     
  37.  
    US BACK TO WORK 0830:

    We reported earlier that the US has rescheduled several of its economic data releases because of the disruption caused by the government shutdown. Note that closely-watched payrolls data will come out on Tuesday, 22 October, which is more than two weeks late. It will have a knock-on effect for the following month too - with October data due out on 8 November.

     
  38.  
    HOMES FOR £1 0836:
    Derelict council houses in Stoke on Trent

    In Stoke-on-Trent people will be picking up the keys to homes they paid £1 for today. Earlier this year the city asked interested residents to bid for derelict homes, if they promised to spend £30,000 on making essential renovations. Here's our original story on the scheme.

     
  39.  
    FUEL PRICES 0845: BBC Breakfast
    Reporting from a rural petrol station

    BBC Breakfast has been reporting from rural Scotland on a government scheme to cut fuel duty for rural communities. But Howard Cox from campaign group Fair Fuel UK is not convinced. He's worried that people will drive to rural areas under the scheme to fill up. And fuel duty is too high for everyone, he complains, not just in rural areas.

     
  40.  
    US BACK TO WORK 0854: World Service

    The BBC World Service is discussing the effect of the US shutdown. "Many countries around the world are now really rethinking what their relationship with America is," says author Ian Bremmer, speaking from New York. "It's the three S's: Snowden, Syria and Shutdown."

     
  41.  
    BROMPTON BICYCLES 0904: Radio 4
    A Brompton bike

    The boss of London-based Brompton Bicycles, Will Butler-Adams, is speaking to Simon Jack about Brits doing business with China. Brompton has stores in Shanghai and Beijing, but he says it's one thing trying to sell to the Chinese in China, but it's much easier to sell to them here. "[Chinese tourists] are popping out of black cabs, with bags heaving with British brands," he says.

     
  42.  
    ENERGY PRICES 0906: via Facebook

    Commenting on the BBCBusiness Facebook page, reader Ian Sayer says: "Cameron's advice to switch is futile. All the big six will be putting their prices up. Cameron is ducking the challenge and needs to get a grip with the issues."

     
  43.  
    SO FAR THIS MORNING 0915:

    If you're just joining us, China's economic growth is speeding up again, our correspondents have been reporting from the US as the government gets back to work, and the Grangemouth refinery in Scotland is still closed. Meanwhile, rising UK energy prices are continuing to provoke controversy. Get in touch with us with your views at bizlivepage@bbc.co.uk or via our Facebook page and Twitter.

     
  44.  
    "MONSTER" OIL FIELD 0921: World Service

    The BBC's Wyre Davies reports from Brazil, which is on the verge of becoming a major world oil producer with the auction of "monster" offshore field. One oil worker in the country warns that UK companies can't afford to ignore the boom. "North Sea is going down, so if those companies don't look at Africa and South America as the future, their business is going to shrink," says oil worker Marcelo Nasif.

     
  45.  
    MARKETS UPDATE 0925:

    In London the FTSE 100 has fallen back a bit from its gains made after the opening bell, but it's still up 0.3%. Germany's Dax and the Cac 40 in Paris have also fallen back a bit, but remain in positive territory. In Asia the Hang Seng in Hong Kong has closed up more than 1%, thanks to those strong Chinese growth figures, while the Nikkei ended the day down slightly.

     
  46.  
    RETAIL FASHION 0931:
    Model in supermarket

    "Where the customer used to be king before, the customer is now the master of the universe." Read about how giant retailers have learned the tricks of high fashion.

     
  47.  
    SEARCH REVOLUTION? 0938:

    Bloomberg is wondering if this underdog could usurp Google's search monopoly with Blippex, a search engine that lists results according to how much time people spend on a page. No cookies, no personal data collected. Founder Max Kossatz says: "If you look at the search engine in the last 10 years, there was not that much innovation. What we are doing... gives a completely different result."

     
  48.  
    HOLLYWOOD V YOUTUBE 0945:

    If you were looking for confirmation that YouTube is changing the movie industry, meet Brent Weinstein, who leads a group of agents who nurture online talent to help them develop their YouTube careers. He has spoken to Forbes about where he thinks the next generation of movie stars will come from.

     
  49.  
    LENDING FIGURES 0950:

    Mortgage lenders report that a strong summer trend continued in September. Gross mortgage lending stood at £16.2bn in the month, very slightly down on August, but up 41% on last September, according to the Council of Mortgage Lenders.

     
  50.  
    MARKETS UPDATE 0957:

    Stock markets have taken a bit of a boost this morning from the Chinese growth figures. In London the FTSE 100 is up 0.2%, as is the Cac 40 in Paris, while the Dax in Frankfurt is now barely changed after rising earlier. The Hang Seng in Hong Kong closed up more than 1% while the Nikkei ended the day down slightly.

     
  51.  
    GRANGEMOUTH Via Twitter Douglas Fraser Business and economy editor, Scotland

    tweets: Ineos responds to Salmond initiative: we'll start up Grangemouth if we get clear guarantee of no strikes for 60 days of "full consultation"

     
  52.  
    LENDING FIGURES 0959: Via Twitter Simon Gompertz Personal finance correspondent, BBC News

    tweets: Britain gets back on the road - big revival in lending for buying cars, says Bank of England

     
  53.  
    1000:

    That's it for our Friday morning live page. Thanks for staying with us. We saw Chinese growth rising to 7.8%, updates from the US as the government went back to work, and more coverage of yesterday's energy price hikes. We'll be back at 06:00 on Monday, so join us then.

     

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