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  1. Ryanair raises annual profit forecast
  2. HSBC sets aside $378M to cover foreign exchange probe
  3. Living wage rise to benefit 35,000 workers
  4. The morning's main business programmes are available on the Live Coverage tab

Live Reporting

By Edwin Lane and Ben Morris

All times stated are UK

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  1. Post update

    That's it for the Business Live page, we're back tomorrow from 06:00.

  2. Via Twitter


    World Service

    tweets: "LISTEN: Our latest Business Update - including HSBC sets aside $378m in currency probe, plus @lucykellaway on typos."


    Kuwait has awarded a $4.8bn (£3bn) contract to expand the nation's international airport to a local firm. Kharafi National will construct the new terminal and runway. Kuwait wants to boost passenger numbers from seven million a year to 13 million by 2016.


    French advertising firm Publicis has offered $3.7bn in cash for US-based Sapient, reports the Wall Street Journal. The deal is supposed to speed up the companies transition into the digital age, and comes after Publicis's planned merger with Omnicom was called off earlier this year. Sir Martin Sorrell, the boss of rival WPP, said the move "looks like the behaviour of a jilted lover".


    Bernie Ecclestone (right)

    Europe is becoming a "third world" economy according to F1 chief Bernie Ecclestone in an interview with the Daily Telegraph. "France is gone and Germany doesn't look good," he says. F1 has been replacing races in Europe with countries that are prepared to pay hefty sums to appear on the F1 schedule. Mr Ecclestone has long been an opponent of the euro, says the Telegraph.

  6. Via Twitter

    Douglas Fraser

    Business and economy editor, Scotland

    North Sea oil platform

    tweets: "Gigantic new North Sea oil field: £125bn revenues, £62bn corp'n tax + colossal jobs bonanza: (btw, it's Norwegian)"


    Do spelling mistakes matter? Financial Times columnist Lucy Kellaway suggests not: "The truth is, I've always had a flair for typos. It is not getting better with experience - nor with spellcheck. My ability to introduce mistakes has kept well ahead of the efforts of Microsoft and Apple to eliminate them."


    The mayor of London, Boris Johnson, has announced a rise to the living wage in London to £9.15 an hour. The voluntary rate is £1.30 higher than the rate for the UK as a whole, reflecting the higher cost of living in the capital. Employers including Nestle and Google have signed up to it.


    A major site in the North Sea has started producing oil, our colleagues in Scotland report. The Golden Eagle Area Development, off the coast of Aberdeen, is expected to reach peak production of about 70,000 barrels per day in 2015.


    The European markets are trading lower this morning, with banking stocks among the fallers.


    BBC World News


    Nigel Cassidy reports from Gorlitz, the most easterly town in Germany, as part of a series of reports marking 25 years since the fall of the Berlin wall. He visits the town's art deco department store - used as the set for the Grand Budapest Hotel in Wes Anderson's film. The owner says eastern Germany looks east - to Poland, Ukraine and Russia - as much as west these days. It's as close to Prague as Berlin, he says.

  12. Via Twitter

    Mark Broad

    Economics reporter, BBC News

    tweets: "Knight Frank: Central London house prices plateau for the first time in 4 yrs. Growth 0% in Oct. But prices have risen 40% over 4yrs"


    Proposed garden bridge

    Citigroup has become the first company to make a donation towards the Garden Bridge, a new footbridge across the Thames, with a £3m pledge, according to the Telegraph. The total cost of the bridge, due to open in 2018, is estimated at £150m, the report says. The Treasury and Transport for London have both committed £30m. But petitions have been started to stop the bridge ever being built.


    BBC World News

    Simon Calder

    Going into 2015 the travel industry is a bit "gloomy" says Simon Calder, from the BBC World's Travel Show. Weak European economies, worries over Ebola and heightened fears of terrorism are all weighing on the industry.


    Macron Stadium

    Bolton Wanderers chairman Phil Gartside is in Thailand having discussions about a possible takeover of the Championship side, reports BBC Radio Manchester. Thai entertainment company BEC-Tero and Siam Sport Syndicate have previously been linked with a joint bid for the club.


    Italy flag

    Italy's economy will contract by 0.3% this year, according to the latest forecast from the country's statistics agency. That's a pretty drastic revision from its previous forecast of 0.6% expansion. A separate report indicates that Italian manufacturing is shrinking again. The Markit/ADACI PMI index fell to 49.0 from 50.7 in September.


    pound dollar

    As the chart above shows, the pound jumped against the dollar after the PMI data that came out at 09:30. At one point the pound hit $1.6022. The pound also hit its highest level against the euro in a month.

  18. Via Twitter


    Robert Peston

    Economics editor

    tweets: "Striking in UK manufacturing PMI is up because of domestic demand, momentum in UK economy; exports, predictably, under pressure"


    Brompton bicycle factory

    A closely watched gauge of the UK manufacturing sector showed activity picked up in October. Rates of production and new business accelerated sharply. But new export orders fell for the second straight month. The CIPS/Markit index for October was at 53.2, up from 51.5 in September.


    BBC News Channel

    News Channel

    Rhys Moore, director of the Living Wage Foundation, says employers who already pay the living wage are seeing the benefits. "Their experience is that if you invest in your people they tend to be happier, they work harder, they're more productive and they will stay with the business," he says. "You don't have to rehire, retain, and spend money on those costs. It's good for them and good for the bottom line."


    FTSE 100

    Ryanair shares have made the most eye-catching move on the stock exchange this morning. Shares have jumped more than 8% after strong results. That's helped Easyjet shares which are up 2.4%.

    • The FTSE 100 has bounced around - now little changed at 6,540
    • RBS biggest faller on FTSE 100, down 1.6%
    • Dax and Cac 40 both down about 0.3%
  22. Post update


    French advertising giant, Publicis is paying $3.7bn (£2.3bn) to buy US digital marketing specialists Sapient.


    don julio

    UK drinks giant Diageo has agreed to take over Tequila brand Don Julio. It is also selling its Bushmills whiskey label. Don Julio is an "ultra premium" tequila, according to Diageo's website, with big sales in North America, Colombia and Australia. Our Scotland business editor Douglas Fraser says it's part of Diageo's efforts to push into Mexico.

  24. HSBC

    BBC Radio 4

    Our business editor Kamal Ahmed is on Today talking about HSBC. He says the bank has set aside an additional £353m for PPI repayments. It's a small amount for a bank that makes several billion pounds a quarter profit. But "the problem for banking is that it can't get away from this long list of bad behaviour during and before the financial crisis," Kamal says. "And they can't regain the confidence of the public and investors until they can put these issues to bed."


    BBC Breakfast

    Mr Osborne is also asked about reported comments from German Chancellor Angela Merkel that she would rather see Britain leave the European Union than compromise over the principle of freedom of movement. Mr Osborne dismisses the story as speculation over "what Angela Merkel might have said" about something that "David Cameron might say in the future". He says Germany understands Britain's disquiet over immigration.


    BBC Breakfast

    Chancellor George Osborne

    Chancellor George Osborne is on Breakfast speaking about the announcement of a mayor for Greater Manchester. He thinks it is a "major moment" for Manchester and the North of England. He skirts around the question of whether the people of Manchester want a mayor - they recently voted against having a mayor for the City.

  27. BreakingBreaking News


    HSBC sets aside $378m (£237m) to cover an FCA investigation into foreign exchange trading.


    Radio 5 live

    Mr Cable is also asked for his reaction to the Virgin Galactic crash on Friday. He says it was an "unfortunate episode". Mr Cable reminds us that Britain is a leading country in the production of small satellites. To help boost that industry, a series of space ports are planned for the UK, he says.


    Radio 5 live

    Listen up young people! There will be 2.5 million job vacancies in engineering over the next decade says business secretary Vince Cable on Radio 5 live. This week the government is trying to encourage young people to consider engineering with a week of projects aimed at 11 to 14-year-olds. There is a "yawning gap" between the demand for engineers and supply, Mr Cable said.


    BBC Breakfast

    michael o'leary

    "I'm a very shy retiring Irish farmer," claims Michael O'Leary, the boss of Ryanair, on Breakfast when asked if he likes the limelight. Ryanair announced strong results this morning. "I think we should have been nicer to customers in the past," he admits, but says there's been a radical change over the last 12 months, with a "new and improved customer experience". "Traffic is up, profits are up, it's working like a dream," he says.

  31. Via Twitter


    Douglas Fraser

    Business and economy editor, Scotland

    tweets: "Mike Ashley tightens grip at Ibrox, appointing ex Newcastle Utd MD Derek Llambias to #Rangers board of directors"


    BBC Radio 4

    Euro notes

    Deflation is stalking the eurozone says Simon Jack on Today. What can the European Central Bank, which meets this week, do about it? George Magnus from UBS says boss Mario Draghi wants to launch full-on quantitative easing but there is opposition from the Germans, who have an aversion to printing money "in their bones" as a result of the hyper-inflation of the interwar period.

  33. Via Twitter

    Richard Westcott

    BBC transport correspondent

    tweets: "Still not definite...just early indications"

  34. Via Twitter

    Richard Westcott

    BBC transport correspondent

    tweets: "Seems the Virgin crash may hv been structural, not the fuel. The feathering system appears to hv deployed early and engine intact"

  35. TAX

    BBC Breakfast

    Andrew Packman from PwC is on Breakfast talking about the tax breakdown plans. "I think they're doing it because if you talk about public expenditure of £600bn its quite hard for people to relate to it," he says. "This makes it more real for people." He adds that people might be surprised by how much money goes on welfare, the NHS and education.

  36. Via Twitter

    Adam Parsons

    Business Correspondent

    tweets: "Osborne: Greater Manchester is to get its own directly elected city wide mayor with powers over transport, housing, planning and policing"

  37. JUST EAT

    Chicken Tikka Masala

    Business continues to boom for online takeaway service Just East. It posted a 56% jump in total orders for the three months to 30 September. Back in August it reported first half pre-tax profits of £8.6m.

  38. TAX

    The BBC's Joe Lynam says George Osborne's plan to give taxpayers a breakdown of where their money goes has political benefits for the Conservative party. The breakdown will show the large proportion spent on welfare, which Osborne plans to cut further should the Tories still be in charge after the election. It should also show that the UK's contribution to the EU budget makes up just 0.7% of the tax take.


    Radio 5 live

    There were 170,000 reported cases of rogue traders ripping off vulnerable people in England and Wales last year. On Radio 5 live Ruth Andrews, head of the National Trading Standards Doorstep Crime Team, says 60% of victims live alone and are vulnerable. She advises people to only use tradespeople who have been recommended to them by someone they trust.


    BBC Radio 4

    Henry Blodget

    Henry Blodget, on Today earlier, is notorious for his previous life as a Wall Street analyst during the technology bubble of the late 90s. Are we seeing another bubble now? "Tech has always been cyclical, we are reaching a peak," he says. "The level of speculation we hit [in the 90s] is much higher than today. Even though we have massive valuations, a lot of the companies are supported by traditional metrics like revenue and profit."


    BBC Radio 4

    Gerard Lyons, an adviser to the Mayor of London, is on Today talking about the living wage. The mayor is going to announce a separate increase for the capital later this morning - it's currently at £8.80 an hour. He says the living wage saves the government money in the long run and improves working lives.


    Ryanair aircraft

    Ryanair has lifted its profit forecast for the financial year to between €750m and €770m (£586m - £602m), from its original guidance of €650m. It is expecting a 16% jump in the number of passengers it carries in the second half. Ryanair has also been helped by falling fuel prices. Radio 5 live are due to speak to chief executive Michael O'Leary a little after 08:30.


    BBC Radio 4

    Henry Blodget, founder of Business Insider, is on Today talking about the success of his online business news publication. He admits that the site is currently running at "break-even" as it grows, but says the question of whether online news can work as a business has been answered. "There is no question now that the model works, its just a question of how big we and other people get," he says.


    Radio 5 live

    Wreckage of Virgin's Galactic SpaceShip Two

    "It's a set back. It's obviously a great tragedy," says David Ashford, founder of Bristol Spaceplanes on Wake Up to Money. He's reacting to Friday's crash of the Virgin Galactic space plane that resulted in the death of one of its test pilots. But Mr Ashford says in the longer term when the technology works, people will still want to travel into space.


    Chinese steel plant

    A mixed report on China's manufacturing sector this morning. The final HSBC/Markit Manufacturing Purchasing Managers' Index(PMI) rose to 50.4 in October, up from the September's reading of 50.2. But growth in new orders and new export orders was disappointing. Capital Economics says it is consistent with a further slowdown in China in the final quarter of this year.


    Radio 5 live

    HSBC sign

    Provisions for past misdemeanours will be closely watched by the market when HSBC reports results later today. So says Anne Richards from Aberdeen Asset Management on Wake Up to Money. She says the company is likely to set more funds aside to cover the costs of PPI compensation and the Libor and foreign exchange investigations.


    BBC World News


    The equity markets are closed in Japan today for a public holiday, but that hasn't stopped the yen falling to its weakest level against the US dollar for seven years. That comes after the Bank of Japan's surprise expansion in its stimulus measures on Friday. Sharanjit Leyl in Singapore tells World Business Report that might be good news for exporters like Toyota, who report results this week, but bad news for the cost of energy imports.


    Radio 5 live

    Business is "sympathetic" to a rise in the living wage says Simon Walker, director general at the Institute of Directors. But it is "vital" that it remains voluntary, he says on Wake Up to Money. At the moment 80% of companies pay the living wage, which rises to £7.85 an hour today.

  49. Post update

    Edwin Lane

    Business reporter, BBC News

    Good morning all. We'll be covering the living wage and taxes, keeping an eye on Japan's falling currency and looking ahead to HSBC results later this morning. Stay tuned for all of that.