Well that's it from the Business Live page for another week. We'll be back with more business news from 06:00 on Monday morning. In the meantime, enjoy the record warm weather, have a good weekend, and hello to Jason Isaacs.
- Royal Bank of Scotland sets aside £400m for forex scandal
- Bank of Japan expands monetary stimulus
- The morning's main business programmes are available on the Live Coverage tab
A front page report in theFinancial Times says the Conservatives and Labour are competing to devolve more powers from London. It says the chancellor, George Osborne, is to announce a package of additional powers for Greater Manchester - including what it calls a "Metro Mayor" for the region. Ed Miliband, meanwhile, is to announce more money for the regions - and more powers for local authorities to organise public transport.
BBC World Service economics correspondent Andrew Walker teams up with country and western singer Merle Hazard (also known as Nashville fund manager Jon Shayne) for this week's In The Balance programme, airing at 08:30 and 18:30 GMT tomorrow. Merle'slatest song is about the perils of being a central banker.
Hungary has suspended its plans for a tax on internet usage, following mass protests in the country. Viktor Orban, the prime minister, says the decision was taken because "people have questioned the rationality'' of the policy. He added that the government will carry out a national consultation on the issue next year.
Andrew Clark, deputy business editor of The Times
Some news from the Treasury on who actually holds the WWI bonds it is "retiring". There are:
- 11,200 registered holders of the bonds
- 7,000 hold less than £1,000
- 92% hold less than 10,000 each
- Most holders are individual people who have passed them down
There are also a few big investors, which the Treasury declined to name.
This is what's causing all the problems for clothing retailers like Next and SuperGroup - it's been unseasonably warm this autumn. September was one of the warmest and driest on record, October has been warm too, and we're in line for the record warmest Halloween.
SuperGroup, the company behind the Superdry clothing brand, says it won't cut its prices despite becoming the latest High Street retailer to admit that unseasonably warm weather has hit sales. People just aren't buying enough coats. SuperGroup gets about a quarter of its turnover from men's outerwear alone. It has downgraded its profit forecast for the year, and itsshares are down 8%.
Unemployment across the eurozone stayed at 11.5% in September, official figures show. But that doesn't show the huge disparity between the members of the bloc. The jobless rates in Greece and Spain are still up around the 25% mark, while Germany retains the lowest rate - just 5%.
Presenter, World Business Report
The children of one of the passengers on board flight MH370, the Malaysian Airways plane that vanished in March, have becomethe first family to file a legal case over the incident. Jee Jing Hang's two young sons are suing the company for breach of contract, as well as the civil aviation authorities, immigration department and air force for negligence.
French bank BNP Paribas has reported an 11% rise in net profit for the last quarter. The firm had sustained heavy losses in the previous three months as a result of a $8.9bn fine for violating US sanctions against Sudan, Cuba and Iran.
Alice Ross, Frankfurt bureau chief at the Financial Times
Economic growth in the next six months will be close to zero, Russia's central bank warned.
Russia's central bank has raised its key interest rate to 9.5%. The bank also said that inflation would breach 8% by the beginning of 2015.
Shares in the world's oldest bank, Italy's Monte dei Paschi, have been suspended after dropping 9%. The institution, which has been around since the 15th century, is in dire straits after failing EU "stress tests" that assess banks' ability to withstand financial volatility. Shares in another beleaguered Italian lender, Banca Carige, were also suspended earlier this morning.
Marginally better news from the eurozone. The annual rate of inflationrose to 0.4% in October, up from 0.3% in September - which was the lowest in five years. Lacklustre economic growth in the area has led to ever-louder calls for Europe's central bank to adopt stimulus measures similar to those favoured by the Bank of England.
The FT appears concerned its readers are being left behind by modern technology. The paper's Tim Bradshaw has put togetheran explainer on how to use Snapchat - the app recently eyed by Facebook and Yahoo among others. "If you're older than a teenager, you might be confused about what Snapchat is for," says Tim.
Online retail giant Amazon has been compared to anIslamist terrorist organisation by one literary agent. Andrew Wylie, who counts Philip Roth and Martin Amis among his clients, said Amazon was a "sort of Isis-like distribution channel", the Guardian reports. He complained of the "brutality" of its tactics with publishers.
The BBC's Hugh Pym, previously of this parish,provides an in-depth explanation of WWI bonds over at iWonder. "Bond holders also agreed in effect to accept that they might never get their investment back," he writes. "Whereas the original bonds had been due to be repaid in full in 1947, Chamberlain converted them to "perpetuals", giving the government the right not to pay back the loans if they so wished, as long as they continued paying the 3.5% interest."
BBC Business Reporter
It looks like RBS are well placed to meet new Prudential Regulatory Authority leverage ratios (expected to rise from 3% to 4% at least). RBS's current leverage ratio is 3.9%.
Business reporter, BBC News
Bad news in the eurozone. Germany retail sales fell by 3.2% in September, the worst decline since May 2008. Meanwhile, Italian unemployment rose to 12.6% in the same month, a level not seen since the 1970s.
The chief executive of RBS, Ross McEwan, has told reporters that further branch closures are "inevitable", but he has not set a target number for closures.
The Telegraph has been investigating the price of rail travel, and says it's uncovered a scandal. Passengers using station ticket machines, it claims, areoffered widely varying fares by different train companies, and routinely denied the cheapest option. In some cases, a single journey can cost them more than £100 extra.
Ross McEwan says RBS is in talks with regulatory authorities to settle investigations into the foreign exchange rate scandal. Traders at several banks are suspected of colluding to manipulate foreign exchange rates.
International Airlines Group, the conglomerate made up of British Airways and Spain's Iberia, has reported a30% rise in profits, and has upgraded its forecasts for the year. The company said it had been successful in controlling costs, helped by new fuel-efficient planes.
Trading has just started on the markets in London. RBS shares are up about 2.7% so far.
Kevin Doran, fund manager at Brown Shipley, says we could see the government sell some of its 80% stake in RBS within the next 12 months. The bank's current value is "very close to fair value", he says, so maybe a sale before the general election?
Jamie McGeever, markets correspondent at Reuters
Bank of Japan Governor Haruhiko Kuroda says Japan is at a "critical moment" in its bid to conquer years of falling prices. "We can say the Japanese economy is now at a critical moment in its process of getting out of deflation," he told reporters in Tokyo. "The (easing) measures this time show the Bank of Japan's unwavering determination to exit deflation."
We've put a call in to the Treasury, asking them to whom the WWI repayments are being made. Do you know anyone who holds National War Bonds (or 4% Consols, as they were called after a refinancing)? Get in touch by emailing firstname.lastname@example.org or tweeting @BBCBusiness.
Another important fact from Sony's results. The company is packing up its smartphone business in China.
Some of the debt being refinanced by the Treasury dates back to the 18th century, including the "capital stock of the South Sea Company originating in 1711", the collapse of which led to the South Sea Bubble financial crisis of 1720 - depicted by William Hogarth in above print. It's also paying for bonds issued in 1752 and used to finance the Napoleonic and Crimean Wars, the Slavery Abolition Act (1835) and the Irish Distress Loan (1847).
Business and economy editor, Scotland