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Summary

  1. Wall Street opens strongly after losing streak
  2. 20,000 Tesco Bank accounts attacked
  3. FTSE 100 jumps 1.7% at close
  4. Sterling loses ground
  5. HSBC third quarter profits tumble

Live Reporting

By Bill Wilson

All times stated are UK

Get involved

Goodnight

That is all from Business Live. Join us again at 6am on Tuesday. 

RBS poised to make GRG payouts

Late news just before we close down for the evening.

It seems that RBS is poised to make some payouts with regard to cases concerning its Global Restructuring Group (GRG).  

Allegations had been made that the now-defunct RBS division drove clients - usually small businesses - into positions of financial distress so the bank could buy their properties and make a profit

RBS chief executive Ross ‎McEwan last month denied the allegations. 

Wall Street rebounds

Shares on Wall Street shot strongly ahead on Monday, breaking a nine-day losing streak.

The Dow Jones jumped 371 points, or 2.1%, to 18,260. The S&P 500 index gained 46 points, or 2.2%, to 2,131. The Nasdaq was up 120 points, or 2.4%, to 5,166. 

HSBC boss urges government clarity on EU workers

HSBC
AP

HSBC chief executive Stuart Gulliver has urged the government to clarify the status of EU workers in the UK.

Mr Gulliver was asked if the bank planned to move staff from its UK offices following the Brexit vote.

He said the government should be given time to negotiate the process of the UK leaving the European Union.

But he added: "The thing I would say that is slightly more urgent is clarity around the status of EU nationals with jobs working in the UK."

Of HSBC's 42,000 staff in the UK, about 2,000 are from the EU.

Gold prices fall

Gold prices have posted their biggest one-day drop in five weeks as the dollar and stocks rallied after the FBI said it had found no criminal wrongdoing in Hillary Clinton's use of a private email server.

The spot gold price was down 1.8% at $1,280.70 an ounce. U.S. gold futures settled down 1.9% at $1,279.40 per ounce. 

Brexit must happen on time, Theresa May insists

Tells BBC Business editor she intends to trigger Article 50

Theresa May has said she is "clear" she expects to start talks on leaving the EU as planned by the end of March.

The UK prime minister also played down the chances of an early general election, saying the next one "should" take place as scheduled in 2020.

The government is appealing against the High Court's decision that MPs and peers should vote on triggering Brexit.

Speaking to BBC Business Editor Simon Jack on a trade visit to India, Mrs May said: "I'm clear that I expect to be able to trigger Article 50 by the end of March next year. That's what I've said consistently and I continue to work on that basis."  

Viva la difference....

Why did French women walk out of work early?

We Can Do It - USA WW2 poster
Other

It seemed an insignificant time: 16:34 on Monday, 7 November.

And yet, for women across France, it had huge importance: it was the moment they effectively stop being paid for 2016, thanks to the gender pay gap.

And this year, they weren't letting it go unnoticed.

Read more about the protest here.

US markets higher in afternoon trading

US shares are up a chunky 1.9% a day before the presidential election (like we need reminding). The boost is said to be coming from the removal of the threat of criminal charges against Hilary Clinton for her use of a private email server. The Dow Jones Industrial Average was up 1.87% at 18,222.62, the S&P 500 up 2% at 2,127.61 and the Nasdaq up 2.3% at 5,162.807.

Sandwichgate

Iain Wright, the chairman of the Business Innovation and Skills Committee who was one of the six MPs who dropped in on Sports Direct's Derbyshire warehouse spoke to founder Mike Ashley on the phone after the MPs left the place. Mr Wright said: "I don't think it was a particularly pleasant conversation for either of us. I would have liked Mike Ashley to have been here. We were always going to turn up unannounced. It's what he said we could do when he came before us in June and it's what we've done now. I want to work with Mike Ashley in a constructive manner. I don't think he wants to work with us at all any more."

MPs claim bugging at Sports Direct visit

More on tracksuitgate - or, perhaps, sandwichgate: One of the six MPs at the Shirebrook spot check describes how the sting was attempted: Anna Turley, MP for Redcar, said: "At the end of the meeting, we sat down to have a private conversation in a room by ourselves. A lady came in with some sandwiches, which was very kind. I saw her take too long to do it, she put it down and I saw her put a recording device on the floor. She left the room and I went over to pick up the device and there it was: a camera and a recording device for the conversation that we were having privately."

A lovely bit of understatement here: "I'm very disappointed," she adds.

MPs claim Sports Direct 'bugged' their visit

Ooh, err. Six MPs from the Business and Skills Committee claim an attempt was made to record their private discussions after a surprise visit to to Sports Direct's Shirebrook warehouse. MPs gave notice only this morning that they would visit the Derbyshire site. The committee has investigated working practices at Shirebrook, and wanted to see if improvements had been made. After a three hour tour, they gathered in a private room when they said a recording device was found.

BreakingAn updated statement from Tesco Bank

“Tesco Bank can confirm that, over the weekend, some of its customers’ current accounts have been subject to online criminal activity, in some cases resulting in money being withdrawn fraudulently. We apologise for the worry and inconvenience that this has caused for customers, and can only stress that we are taking every step to protect our customers’ accounts. As a precautionary measure, we took the decision on Sunday 6 November 2016 to temporarily stop online transactions from current accounts. This will only affect current account customers. While online debit transactions will not be available, current account customers will still be able to use their cards for cash withdrawals, chip and pin payments, and all existing bill payments and direct debits will continue as normal. We are working hard to resume normal service on current accounts as soon as possible. We can reassure customers that any financial loss as a result of this activity will be resolved fully by Tesco Bank. This afternoon we began the process of refunding all customer current accounts that have been subjected to online criminal activity and we expect this process to be completed by the end of tomorrow. We continue to work with the authorities and regulators to address the fraud and will keep our customers informed through regular updates on this website, Twitter and Your Community. If customers have any concerns at all, we would advise them to contact our customer service team who will be able to provide assistance.”

Benny HigginsChief Executive, Tesco Bank

Neymar should face fraud trial says judge

Neymar
Getty Images

Barcelona and Brazil footballer Neymar should face trial for fraud, a Spanish judge has said, months after the case was dismissed.

The case was reopened on Monday, brought by investment fund DIS, which claims it was short-changed during Neymar's 2013 move to Barcelona.

The fund formerly owned the transfer rights to the 24-year-old.

The charges - which are denied by the accused, including Neymar and his parents - were dropped in July.

Judge Jose de la Mata was ordered to reopen the case in September by Spain's Supreme Court.

DIS, which was entitled to 40% of Neymar's transfer from Brazilian club Santos, claims it received a smaller compensation than it should have because part of the transfer fee was allegedly concealed.

'It's lucky I wasn't paying for dinner'

The responses from Tesco Bank customers continue to come in after the bank confirmed money was stolen from 20,000 accounts over the weekend. 

The bank has frozen online payments made with a debit card, e.g. for online shopping; although cards can now be used in stores. 

Here's what happened to one BBC reader - Rebecca Wilkinson in Reading:

FTSE closes ahead

FTSE close Monday
BBC

A strong day for stocks in Europe has seen London's benchmark FTSE 100 close the day up by 1.7%, or 113.64 points, at 6806.90.

Miners dominated the winners' chart, with Antofagasta, Glencore, Anglo American, and BHP Billiton were all ahead by more than 4.5%.

Tesco Bank attack: Thefts erode trust, warns expert

A leading cybersecurity expert says thefts from Tesco Bank's online accounts are unlike anything he has ever seen before. 

The UK lender has acknowledged that money was stolen from nearly 20,000 of its customers over the weekend. The firm is covering the losses, but Troy Hunt said trust in its brand would be damaged.

BA to 'squeeze in extra seats'

British Airways tails
Reuters

Bad news for lovers of legroom - British Airways is planning to squeeze an extra seat into each economy class row on some of its aircraft. 

BA could increase the number of seats on its Boeing 777 aircraft - starting with those out of London Gatwick - from 280 to 332. Each row would have 10 seats rather than the current nine. 

A BA spokeswoman said: "We are updating our (Boeing) 777 cabins to bring us into line with many of our competitors and allow us to offer even more low fares. As part of the update, we will also be fitting new entertainment systems with bigger screens." 

The Independent, which broke the story, says the changes could start from 2018.

F1 takeover deal in the spotlight

Competition authorities ask questions....

Lewis Hamilton wins the Mexican GP
Getty Images

The UK's Competition and Markets Authority (CMA) has questions to ask about the takeover of F1 by Liberty Media.

It says it is considering "whether it is or may be case that acquisition by Liberty Media of Formula One if carried into effect, will result in creation of a relevant merger situation".

It is also considering whether the "creation of situation may result, in a substantial lessening of competition within any market or markets in the UK for goods or services".

It is inviting comments on transaction "from any interested party". 

Wall Street open ahead

Looks to halt nine day losing streak...

Dow open on Monday, 7 Nov
BBC

US stocks were ahead at open on Monday after Wall Street had closed lower for nine days in a row to Friday.

Markets were buoyed by news their favoured presidential candidate Hillary Clinton will no longer be investigated by the FBI.

Not long after opening the Dow was up 1.36%, the S&P up 1.37%, and the Nasdaq up 1.53%.

'Tesco should be open and honest'

BBC readers have been writing in with their experiences of the Tesco Bank security breach. Mark Taylor, from Leeds, says nearly £2,500 has gone missing from his account:

'It's similar to a break-in at your house'

Dr David Day
BBC

It's "heartbreaking" to have money stolen from your online bank account, says Dr David Day, a computer systems lecturer at Sheffield Hallam University. 

"You feel violated. It's very similar to having your house broken into," he tells BBC News. 

He says the breach at Tesco Bank could have come from malicious software or skimming devices - which steal data from cards - but what's most revealing is that the fraudsters targeted a very large number of accounts in one attack. 

"It's my view that it was intentional to do this in one go," he says. "If the bad guys found a route in, they'll want to do maximum damage in one attack."

F-35 maintenance deal

F-35 jet
Getty Images

Britain has been chosen as a global repair hub for the F-35 fighter jet. The decision will generate hundreds of millions of pounds of revenue for the defence industry, with the potential to unlock more than £2bn of future F-35 support revenue over the lifetime of the programme. 

"This establishes Britain as a hub for all European F35s and is hugely positive news for our high-tech and innovative defence industry," defence secretary Michael Fallon said. 

The work, centred in Wales, will be based on a partnership enterprise between the Defence Electronics and Components Agency, BAE Systems and Northrop Grumman.   

Tesco Bank update

Dan Macadam

BBC business reporter

A Tesco Bank spokesperson has clarified which types of online payments are still permitted for current account holders.

Online payments using a debit card for online shopping, for example, are blocked.

However, customers can still make transfers between their own accounts or to other accounts, as well as pay and set up direct debits.

National Grid alert

Power lines
Getty Images

National Grid has told back-up power suppliers that they might be called upon to provide electricity during peak demand times tonight. Supply margins could be close to dipping below adequate levels, the grid operator said. 

A spokesman said "it's not an emergency", adding there had been no power plant breakdowns. 

The alert comes as temperatures are set to plummet tonight across the UK, while the Met Office has issued a yellow warning for snow across northern England, the north Midlands and much of Scotland from midday Tuesday until 9am Wednesday.

Call to reveal staff turnover figures

Britain's pensions association has written to the chair of every FTSE 350 company, asking them to give investors more information about indicators such as staff turnover and numbers of full and part-time employees. 

Fewer than half of FTSE 100 companies publish staff turnover in their annual reports, and just 11% break down their staff by full-time, part-time or temporary workers, the Pensions and Lifetime Savings Association said. 

"The management and engagement of the workforce can have a material effect on a company's performance over the long term," the association said, adding the letter was supported by pensions minister Richard Harrington, and fund firms Newton Investment Management and USS Investment Management. 

The letter comes as MPs make a surprise visit to Sports Direct's warehouse in Derbyshire. Working practices at the facility have been strongly criticised by politicians. 

BreakingMPs visit Sports Direct warehouse

Mike Ashley
Reuters

The BBC has confirmed that six MPs from the Business Department select committee have made an unannounced visit to Sports Direct's warehouse in Shirebrook, Derbyshire. 

In October 2015, the BBC lifted the lid on "Victorian" working practices and conditions at the huge facility.

Last month BBC Inside Out East Midlands went back to see if conditions had improved at Mike Ashley's warehouse. 

Ferrari revs higher

Ferrari racing car
EPA

Luxury carmaker Ferrari has reported better-than-expected third quarter results, with  net profit up a fifth to €113m (£100m). 

Ferrari was spun off from Fiat Chrysler at the beginning of the year. 

Revenues rose by 8% to €783m, while the Italian firm shipped 1% more vehicles to 1,978, helped by strong sales of Ferrari's 12-cylinder models including the GTC4Lusso and the newly launched LaFerrari Aperta.

Ferrari shares have risen more than 5% on the news. 

Gas production starts after 41 years

Alder Field
Chevron

It's taken more than four decades, but now gas production has started from a North Sea field that was first discovered in 1975.

Chevron says the Alder project has already created hundreds of jobs across the UK, including in Aberdeen and Invergordon.

Gas produced from the field will be sent through a 17-mile (28km) pipeline to the ConocoPhillips-operated Britannia platform. 

Read more here.

FTSE 100 hangs onto gains

Half way through the trading day the FTSE 100 has held onto its earlier gains. 

A short while ago it was at 6,789.80 - that's a rise of 96.54 point or 1.44%.

Investors were buoyed up by the news that the FBI had decided that Hillary Clinton should not face criminal charges over her emails.

The FBI director said a fresh inquiry into the Democratic candidate's communications found nothing to change the bureau's conclusion this summer.  

Mining stocks - including Glencore, BHP Billiton, Antaofagasta and Anglo American were among the top performers, alongside HSBC which had reported a 7% rise in underlying profits earlier in the day. 

European Commission asks for details of Nissan deal

Man cycles past Nissan's Sunderland plant
Empics

The European Commission has asked the UK government for details of assurances it gave to Japanese carmaker Nissan that new investment would not suffer when Britain leaves the European Union. 

 "We have seen the press reports regarding Nissan and as a result the Commission... is in contact with the UK authorities,"an EU spokesman said. 

"The UK authorities have not notified any support to Nissan for assessment under our state aid rules and we've therefore not taken any formal view of this matter," the spokesman added. 

Nissan said last month that it will build its new Qashqai sport utility vehicle and its next four-wheel drive X-Trail model at its plant in Sunderland. At the time, the Business Minister Greg Clark confirmed the government had given the company several assurances which prompted questions about whether illegal state aid had been offered to Nissan.  

Britain's Brexit trade challenge

BBC World Service

"People are not kind, people are not generous, people do not remember the close links between countries," says Sir Andrew Cahn, the former chief executive of UK Trade and Investment. 

He argues that the UK cannot expect any favours from the rest of the world when it negotiates post-Brexit trade deals. 

The former senior civil servant tells Business Daily's Manuela Saragosa that UK negotiators face a huge challenge.

Britain can't expect any favours when it negotiates post-Brexit trade deals.

Weekend woes

Cliff Moyce from DataArt, a network of technology consulting and software services firms, said lower staffing levels over the weekend were likely to have been one of the reasons for the impact of the Tesco Bank attack.

"The clever part was doing it over the weekend when banks are typically understaffed, and will respond more slowly," he says. 

"Automated fraud detection systems appear to have worked well, but a lack of people at desks will not have helped." 

Climate talks set to be dominated by US elections

BBC World Service

Donald Trump
Getty Images

Twenty thousand people are meeting in Morocco for global climate talks intended to fill in the details that were left undecided at the Paris Climate Agreement last year, reports BBC World Service.

Initially the proceedings are likely to be dominated by the US presidential election, after the Republican candidate, Donald Trump, said that if he won he would cancel the deal. 

Mr Trump has called climate change a hoax and said it was bad for business. A representative of the US environmental group, the Sierra Club, Khalid Potts, said that a climate science conspiracy theorist would make America a global laughing stock.