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Summary

  1. Workers win overtime holiday pay case
  2. Primark annual sales up to nearly £5bn
  3. JP Morgan faces criminal investigation
  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

Get involved

  1. Post update

    That's it for today, but drop in tomorrow. One highlight will be Marks and Spencer results. See you from 06:00.

  2. US ELECTIONS

    BBC

    Polling stations have opened in the US in mid-term elections to decide who runs the Senate, ahead of the 2016 presidential election. Kim Gittleson reports from Arkansas, where improvements in the economy are not being reflected in voter support for the incumbent Democrats. "The economy is coming back, but nobody believes it because you don't feel it," admits Arkansas native Bill Clinton in a speech.

  3. BURGER KING

    Fast food signs

    Burger King reported a loss for the third quarter of $23m in the third quarter. That compares to a profit of $68m in the same period in 2013. The loss largely reflects expenses related to its merger with Canada's Tim Horton's. That merger was seen as a way to avoid high US taxes.

  4. Via Twitter

    LISTEN AGAIN

    World Service

    tweets: "@WorldheaIth boss says drug cos failed on #Ebola bcs no money in it. And @WorldBank calls on Asia to do more. LISTEN bit.ly/1tDyw3b"

  5. CONFUSED

    Ireland

    This is almost too painful to watch. US financial journalist Joe Kernen is utterly baffled by British and Irish geography, expresses amazement that Ireland uses the euro, and blunders through decades of sensitive Anglo-Irish relations. I suppose it is a bit confusing, but if you invite a guest on to talk about Ireland, you might want to do some homework first. You can watch the video here.

  6. ALIBABA RESULTS

    Alibaba has reported a net income of $1.1bn for the three months to 30 September, which is a little less than analysts were expecting. Chief executive Jonathan Lu quotes some pretty impressive figures - in China retail volume was up 49% for the quarter. It has 217 million monthly active users on its mobile commerce apps, he said.

  7. MARKETS UPDATE

    The European markets fell in response to new European Union growth forecasts, which point towards a sluggish recovery and more problems for France in particular.

    • The FTSE 100 was trading higher until the announcement. It is now down 0.16%
    • The Cac 40 in Paris is down 0.25% after also spending much of the morning in positive territory
    • The Dax is back to where it began this morning, after earlier gains
  8. HOLIDAY PAY

    Shane Brown from Leicester gets in touch with the BBC, and his case appears to sum up the problem with not getting holiday pay on overtime: "I work 35 hours a week as a cleaner but am only contracted to 28 hours," he says. "It makes me less likely to want to take a holiday because... I can't afford to only be paid for 28 hours. Being paid holiday for overtime worked would take a massive weight off my shoulders."

  9. Via Blog

    MARKS & SPENCER

    Kamal Ahmed

    BBC Business editor

    blogs on chief executive Marc Bolland's efforts to revive Marks & Spencer: "On Wednesday, M&S will reveal its half-year results. Profits are likely to be down and sales flat or falling. But step back, those close to Mr Bolland insist, and there is evidence that the tanker is turning around."

  10. Via Twitter

    HOLIDAY PAY

    Ben Thompson

    Business correspondent, BBC News Channel

    tweets: "Unite union tells @BBCNews that today's ruling does NOT open the floodgates to granting backdated holiday pay but is a victory for workers."

  11. HOLIDAY PAY

    You can read the full judgement of the case here, on the judiciary website.

  12. Via Email

    HOLIDAY PAY

    Andrew Stones, the lawyer who led the appeals on behalf of two of the employers in the holiday pay case says: "Concerns [of the business community] should largely be alleviated following the judgment... [the tribunal] has really limited the scope for different holiday pay periods to be linked together as one ongoing series of deductions for historic claims. This finding will significantly limit the scope for such claims in the future and the flowing potential liability for companies."

  13. HOLIDAY PAY

    BBC News Channel

    Simon Walker, director general of the Institute of Directors says we are making employment law "on the hoof". He is reacting to the ruling on overtime pay. He says any retrospective element would be the most damaging for employers. He is pleading for the government to take action if necessary to protect firms. He also said the situation could be a "bonanza" for lawyers.

  14. FRANCE DEFICIT

    Eiffel tower

    The European Commission says that France's proposed budget cuts for 2015 "remain insufficiently specified". So the Commission has not included those cuts in its assessment of France's government deficit. It expects the deficit to rise to 4.5% of GDP in 2015. France's budget deficit is still well above the Commission's target of 3%.

  15. HOLIDAY PAY

    BBC News Channel

    BBC

    The BBC's Daniel Boettcher reports from outside that Employment Tribunal and confirms that the claimants have won the overtime case. But he points out that both parties can take this decision to the court of appeal. Daniel says it's still not clear if staff would be able to claim pay retrospectively.

  16. BreakingBreaking News

    HOLIDAY PAY

    According to the Unite union, the Employment Appeal Tribunal has ruled that overtime should be taken into account when holiday pay is calculated. The ruling has been closely watched, as businesses are concerned it could have heavy costs in backdated pay. However, speaking on the News Channel, the BBC's John Moylan says the backdated element may be limited.

  17. EUROZONE GROWTH

    European Union flags

    The European Commission has released its latest economic forecasts. It expects the eurozone to expand 0.8% this year and 1.1% next year.

  18. WHISKY

    whisky

    The world's best whisky has been named by the editors of the 2015 World Whisky Bible, and it's Japanese. The Yamazaki Single Malt Sherry Cask 2013, made by Japanese drinks giant Suntory, was hailed as "near indescribable genius" by whisky expert Jim Murray. The Guardian reports that you can buy a bottle for about $160 (£100) from specialist shops or online.

  19. L'OREAL SALES SLOW

    L'Oreal HQ, Paris

    There's been a sharp slowdown in sales at the world's biggest cosmetics firm, L'Oreal. Like-for-like sales grew 2.3% in the third quarter, down from growth of 4.1% in the previous quarter. L'Oreal says sales fell in Europe and were sluggish in North America. L'Oreal shares are down 1.6% in Paris this morning.

  20. CONSTRUCTION SLOWDOWN

    Signs of a slowdown in the UK housing market have hit construction firms. The latest PMI data from Markit/CIPS suggests the construction sector grew at its slowest rate in five months in October. House-building fell to its lowest rate of growth in a year. "October's survey provides the first indication that the chill winds blowing across the UK housing market have started to weigh on the booming residential building sector," said Tim Moore from Markit.

  21. AUSTRALIA

    Argyle mine, Australia

    Recent falls in commodity prices have hit the Australian economy. Figures out earlier this morning show a widening of the trade deficit, with prices of iron ore down 40%, and thermal coal at a five-year low. Again a fall in demand from China is being blamed. Employment data also points to a weaker Australian labour market.

  22. ALIBABA RESULTS

    Alibaba Group warehouse on the outskirts of Hangzhou, Zhejiang province

    Later today Alibaba will report its first set of quarterly results since selling shares on the New York Stock Exchange in September. It is expected to report a net profit of $1.17bn for the quarter which ended in September, according to Reuters. There was much hoopla when Alibaba sold shares, as by some measures it is the world's biggest internet retailer. Results are due before 12:30.

  23. Via Email

    Marks and Spencer has been showing the press and analysts a revamped store in the Westfield shopping centre in London. Retail analyst Nick Bubb says: "The new emphasis at M&S on proper merchandising of the product and sub-brands is welcome... but the world has not been standing still waiting for M&S to get its act together and winning customers back will not be easy in the current climate." M&S results are out on Wednesday.

  24. LEGAL AND GENERAL

    Legal & General shares are leading the FTSE 100 higher, up 2.6%. That follows strong results for the first nine months of the year. Personal annuity sales in the third quarter fell by almost two thirds compared to the same quarter last year, but L&G is compensating by selling bulk annuities to companies. Personal annuities have plunged since the budget in March, which freed retirees from having to buy one.

  25. SUGAR

    sugar

    Primark might have had a "magnificent year", but Associated British Foods' other main business - sugar - is looking less healthy. Revenues and profits are down on last year. It expects a further large fall in profits next year. "There are high stocks of sugar in the EU, competition continues to be intense and both of these factors have continued to drive EU prices downward," the company warned.

  26. ENERGY BILLS

    Drax power station

    An interesting interview in the Telegraph with the chief executive of Drax, the UK's biggest coal fired power station. Dorothy Thompson says that electricity producers are not making much money and could be scrimping on maintenance. She also accepts that consumers think they are paying too much.

  27. MARKETS UPDATE

    The stock markets in Europe have opened a bit lower this morning.

    • The FTSE 100 is down 0.13% at 6,479
    • The Dax in Frankfurt is down 0.8% at 9,252
    • The Cac 40 in Paris is down 0.25% at 4,184
  28. XIAOMI TV

    Xiaomi phones

    There's a new entrant in the television business. China's Xiaomi, the world's third biggest maker of smartphones, will invest $1bn (£625m) in television programmes. Xiaomi says it wants to "enrich" the company's content. It joins Amazon, which is spending $100m this year on TV programmes.

  29. Via Twitter

    Simon Calder, travel expert

    tweets: "Today only, Ryanair has January flights at 25 per cent off. From test bookings made so far, e.g. Stansted-Brindisi £80 return, looks genuine"

  30. HOLIDAY PAY

    Radio 5 live

    More on the holiday pay issue. On Radio 5 live Glenn Hayes from law firm Irwin Mitchell says that companies, particularly in manufacturing, have not allowed for the possibility of backdated pay. It could potentially be "extremely damaging", he says. Even employees who have left the business might be able to claim back pay.

  31. NISSAN

    Japanese carmaker Nissan has just reported a small rise in profits thanks to a recovery in its sales in North America - its biggest market. Nissan is Japan's second biggest car exporter, behind Toyota.

  32. Via Email

    BOLLYWOOD MAKE-UP

    Shilpa Kannan

    India business reporter, Delhi

    "The lifting of a ban on female make-up artists in Bollywood will end nearly 60 years of gender bias. Some managed to get round the rule - and were sneaked on to sets surreptitiously. The ruling's not just great news for the women who can now work in Bollywood but perhaps the stars too. One actress told me that while it wasn't comfortable for women to get their body make-up done by men, they often had no choice."

  33. SANTANDER RESULTS

    The biggest bank in the Eurozone, Santander, has reported a profit of €4.36bn for the nine months to the end of September. That's up 32% from the €3.31bn made in the same period of 2013. It was helped by lower provisions for bad loans, which fell 10%.

  34. Via Twitter

    PRIMARK

    Adam Parsons

    Business Correspondent

    tweets: "Primark like for like sales growth of 4%. Revenue now just under £5bn"

  35. SHIFT WORK

    Radio 5 live

    Clay County Courthouse

    "The effects are relatively subtle," says Philip Tucker from the department of psychology at Swansea University on Radio 5 live. He is part of the research team that looked into the impact of shift work on the ability to think straight. He says there will not be a "glaring difference" between a shift worker and someone on regular hours. A shift worker might make a few more mistakes or struggle with difficult mental processing, Mr Tucker says.

  36. 'MAGNIFICENT' PRIMARK

    Primark store

    Primark had a "magnificent" year according to a message from chairman Charles Sinclair in the annual results of parent company, Associated British Foods (ABF). Profits rose 30%, it had a "highly successful" entry into France and Primark is planning to move into the north-eastern US. More on ABF results can be found here.

  37. PUBS

    Pubs

    Brewer and pub operator Greene King has agreed a deal to buy out Spirit, the company behind pub chains Chef & Brewer and Taylor Walker, for £773.6m. Greene King currently operates 1,900 pubs, restaurants and hotels, while Spirit has 1,227 pubs.

  38. HUGO BOSS

    Hugo Boss

    German fashion house Hugo Boss has issued a profits warning. It says it expects to sell less and make less money thanks to the slowdown in the European economy. Despite that, it said profits rose by 2% in the three months to September, while sales grew 9%.

  39. HOLIDAY PAY

    BBC Breakfast

    Laura D'Arcy from legal firm Pannone tells Dominic Laurie on Breakfast that any ruling on holiday pay is likely to be limited to the employment you're currently in, or have left recently. But she admits the liabilities could run into the millions of pounds, and that could be a real problem for smaller firms with long-serving workforces who make claims.

  40. TECH TERROR

    BBC Radio 4

    On Today, our technology correspondent Rory Cellan-Jones says today's appeal by GCHQ is another example of the twin pressures being faced by big technology firms around the issue of data privacy. Since the Edward Snowden revelations, customers are asking why their data is being given away, while security agencies are calling for greater access and cooperation.

  41. SUGAR

    BBC Radio 4

    Only about 30% of the world's sugar is traded on the open market, Martin Deboo, analyst at Jefferies, tells Simon Jack. He says efforts to increase stockpiles in places like Europe has helped push prices down to about half what they were about three years ago. He adds that absolute demand in developed economies for food is generally falling - people are eating less and wasting less, partly due to suppressed wages, he says.

  42. CONSOLE WAR

    Radio 5 live

    Shopper, Sydney

    The latest version of the computer game Call of Duty goes on sale today, the first of the major games to launch in the run up to Christmas. On Radio 5 live Chris Tring, editor of MCV magazine, says these games are vital for spurring sales of video game consoles. There's a fierce battle between Sony and Microsoft, with Sony's PS4 in the lead at the moment, with almost 2 million sold in the UK.

  43. JP MORGAN

    BBC World News

    JP Morgan has confirmed it is facing a criminal investigation over currency trading, with possible losses totalling $5.9bn (£3.7bn) as a result. But Alpesh Patel from Praefinium Partners tells World Business Report the outcome of the investigation is likely to be a "slap on the wrists rather than a punch in the face". "In any other industry criminality would bring a business down, not in banking," he says.

  44. COPPER

    BBC Radio 4

    A range of commodities - oil, copper, sugar - are all at five-year lows, says Simon Jack, reporting from Canary Wharf this morning for Today. Copper consultant Matthew Wonnacott tells him the fall in copper is partly about falling demand from China, where economic growth has slowed, while the rest of the world is failing to take up the slack.

  45. RYANAIR BOSS

    Radio 5 live

    Michael O'Leary

    "Maybe people want to see less of me," Ryanair boss Michael O'Leary tells Wake Up to Money. He is asked why he has been keeping a lower profile in recent months. Ryanair has been making a big effort to be nicer, which has been working well he says. But Mr O' Leary is not going anywhere, he has just signed a five-year contract.

  46. JAPANESE SHARES SURGE

    Radio 5 live

    Nikkei 225

    Shares in Tokyo have made strong gains following Friday's decision by the Bank of Tokyo to boost its stimulus scheme (the market was closed on Monday). On Wake Up to Money the BBC's Rico Hizon says there's concern the bank's effort will be just a "short term" boost for the economy.

  47. TECH TERROR

    GCHQ

    The boss of Britain's electronic spying agency, GCHQ, has accused US technology firms of becoming "command and control networks of choice" for terrorist, in an article for the Financial Times. He says there needs to be a better relationship between tech companies and intelligence agencies.

  48. HOLIDAY PAY

    Radio 5 live

    Should holiday pay include overtime, allowances, commissions and bonuses? A decision by the employment appeal tribunal, due at 10:30 today, could rule that is the case and open the way for mass claims of backdated pay. On Wake Up to Money Mike Cherry from the Federation of Small Business warns it could be "incredibly dangerous". He also wonders if the records even exist to work out how much is owed as far back as 1998.

  49. Post update

    Edwin Lane

    Business reporter, BBC News

    Morning all, it's 06:00 and also in the news today - working antisocial hours dulls your brain, scientists warn. More on that and the rest of the business news throughout the morning.

  50. Post update

    Ben Morris

    Business Reporter

    Good morning! GCHQ reportedly wants a more productive relationship with tech companies - should we be worried? More on that coming up. Email us at bizlivepage@bbc.co.uk or tweet @BBCBusiness.