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Summary

  1. Prime Minister David Cameron warns of threats to global economy
  2. Japan's economy falls back into recession

Live Reporting

By Howard Mustoe and Matthew West

All times stated are UK

  1. Post update

    Howard Mustoe

    Business reporter

    That's all from us today. Remember to join us again from 06:00 tomorrow. There'll be results from Easyjet, Balfour Beatty and Prudential, inflation data and a report from the Public Accounts Committee on its progress report into improving tax compliance and preventing tax avoidance. Until then.

  2. Belgian bank probe

    hsbc

    Belgian authorities have charged one of HSBC's Swiss businesses with tax fraud and money-laundering. HSBC Private Bank SA (Suisse), is alleged to have aided hundreds of clients to cheat the Belgian state, a statement from prosecutors said. HSBC says in its interim report it was aware magistrates in Belgium and France were investigating whether the Swiss business "acted appropriately" when it came to tax reporting requirements.

  3. Rate rise in 2016?

    Simon Wells, chief UK economist at HSBC, says he doesn't think interest rates will rise until 2016. That, we think, is the furthest out that anyone is forecasting at present. Mr Wells says the Bank of England expects the UK economy to grow by 2.9% in 2015. But he's a bit gloomier, saying "we are making a big revision to our UK policy rate forecast," and revising growth down to 2.4% from 2.6%.

  4. Via Email

    Reckitt Pharmaceuticals sale

    Ana Nicholls

    Healthcare Analyst at The Economist Intelligence Unit

    "Reckitt Benckiser is following a healthcare trend by spinning off its pharmaceutical business, but in Reckitt's case this is currently very much a one-product business, with almost all its revenues coming from a heroine substitute, Suboxone," she writes. "The spin-off will allow it to focus on the burgeoning consumer health and hygiene business it has built up over the past few years."

  5. Via Twitter

    World Service

    tweets: "Japan back in recession. Australia and China reach free trade deal. Chocolate producers warn of cocoa shortfall".."

  6. Bad contract

    phones

    A widow took her dead husband's ashes into a mobile phone shop to get them to cancel his contract after she was threatened with bailiffs, the Telegraph reports. T-Mobile has now apologised and cancelled the contract and debt.

  7. Budget busted

    The Institute for Fiscal Studies has released a report on social security spending. It says housing benefit spending will be £1bn higher this year than in 2010. Low wage growth is considered the main culprit, alongside faster than expected growth in the number of private rental landlords and in rents themselves. It's two weeks before the Chancellor makes his Autumn Statement, so we can expect plenty more of this to come.

  8. Christmas dinner wars

    DINNER

    Supermarket price cuts mean your Christmas dinner will be cheaper this year, the Daily Mail reports, citing a study by Good Housekeeping Institute. You can feed eight for £2.66 per head if you try hard enough, it says. "If you opt to go to only one outlet, then Iceland wins on cost. Their basket came in at £27.83 with Lidl second at £28.13, Morrisons third at £29.12 and Aldi costing £32.06" says the Mail.

  9. German economy

    The German economy, the largest in Europe, will be "sluggish" until the end of the year at least, the German central bank has predicted. "The further deterioration in economic expectations and the stagnation of new orders point to a rather sluggish course of economic development in Germany until at least the end of 2014," the Bundesbank said in a monthly report.

  10. Airbus' flying doughnuts

    The design of a potential nee aircraft from Airbus

    Airbus has submitted patents for what can best be described as a plane of the future. Dubbed the flying doughnut by the Financial Times, which was first to see and report on the patent application, the European aerospace and defence group says there are no immediate plans to build the plane, yet. It just wants to protect the design idea, which would see passengers sitting in circular cabins.

  11. Eurozone trade surplus

    The European Union's (EU) exports to Russia fell 12% in the eight months to September. That is, predictably, the result of EU sanctions over its involvement in the conflict in Ukraine. Imports from Russia fell 8%. Russia is Europe's main supplier of gas and oil. Eurostat says the value of energy imports to the EU in general in the first eight months of the year fell 9% compared with the same period last year to €230.6bn (£184bn).

  12. Eurozone trade surplus

    European flags waving outside the EU Commission building

    Could fears that the eurozone is teetering on the brink of a third recession in nearly six years be overblown? It is possible. The latest official trade balance data shows a surge in exports boosted the eurozone trade surplus in September. Exports jumped 9% compared with the same month a year earlier, while imports only rose 4%, Eurostat says. The net result is a positive contribution to third quarter economic output.

  13. Majestic results

    Something small but potentially interesting in the Majestic Wine results from earlier. It says the average amount spent by its customers in the last year on a bottle of wine has gone up 4% to £8.02 a bottle. It's not clear whether the price rise is because customers have become slightly more sophisticated in their wine selection or because Majestic has put its prices up. We're going to go with the former over the latter.

  14. Phones4U tax loss

    Phones4U shop

    The taxpayer stands to lose £78m from the collapse of mobile phone retailer Phones4U, according to a report in the Telegraph. It has seen a report from administrators PricewaterhouseCoopers, which reveals the company owed the taxman £69.2m in VAT and £8.8m in corporation tax. Less than 0.4% of this is likely to be repaid, says the report. That amounts to £672,000.

  15. Thai growth

    Thailand's economy grew at a lacklustre 0.6% in the third quarter, leading the government to reduce its annual growth forecast. The military junta had promised to kick-start the economy following its coup. Prime Minister Prayut Chan-O-Cha, a former army chief, led the coup in May.

  16. Jet supplies

    dreamliner

    Japan's Toray Industries says it has agreed to supply carbon fibre materials for Boeing's new 777X jet and the Dreamliner in a decade-long deal worth $8.6bn. Toray, the world's top carbon-fibre supplier, will build wings for the new jet, a large two-engine passenger jet planned for delivery in 2020 that is a successor to the 777 Dreamliner.

  17. Facebook to launch Linkedin rival

    Facebook home page on a laptop

    Facebook is working on a new social network to take on Linkedin, according to a report in the Financial Times. The new social network would allow users to keep their personal profile separate from their professional account as well as collaborate on documents as with Google Drive and Microsoft applications

  18. Carney on bankers

    In his speech Mr Carney also hails the success of US and UK regulators in both strengthening banks with more capital but also increasing lending. Some commentators, including bankers, said more capital would mean less lending. "In other words, if anything, regulators may have significantly overestimated the transitional costs, or even possibly got the sign wrong," he says.

  19. Diversity in the City

    Karen Blackett, chief executive MediaComm, the UK's largest media agency, has just been named the most influential black person in the UK, and yet she doesn't sit on the board of a single FTSE 100 company. That's despite calls for greater diversity on the boards of FTSE companies. Ms Blackett says businesses should widen the net of their intake to include more candidates from ethnic minorities but not have quotas.

  20. Via Twitter

    Carney on Bankers

    Kamal Ahmed

    BBC Business editor

    tweets: "Mark Carney: Banking is not brought down by a few bad apples. "The issue is with the barrels in which they are stored."

  21. Carney on bankers

    Carney

    Bank of England governor Mark Carney speaks at the 2014 Monetary Authority of Singapore Lecture. Regulators may need to consider new rules to control the fixed pay of bankers, as well as their bonuses so they can be clawed back in the event of misbehaviour, he says.

  22. Market update

    European markets have opened - predictably perhaps - lower this morning following the news that Japan had fallen into recession for a third time since 2008. Tesco and Sainsbury's are among the biggest losers on the FTSE. Tesco is down 1.77% at 191.55p and Sainsbury's is lower by 1.56% at 265.9p

    • The FTSE 100 is down 0.5% at 6619.86
    • Germany's Dax has lost 0.9% to 9174
    • France's Cac-40 is 0.7% lower at 4171.04
  23. Via Twitter

    Stephanie McGovern

    Breakfast business reporter

    jam

    tweets: In @markantdr jam factory talking about pay. @BBCBreakfast poll says third of us feel worse off this year than last

  24. Majestic results

    Interior branch of Majestic Wine Warehouse

    Majestic Wine says first half pre-tax profit fell £1m to £8.5m after spending money on infrastructure and "difficult trading at Lay & Wheeler around the weak Bordeaux 2013 vintage." Sales of still wine priced at £20 per bottle and above grew by 22%, it said.

  25. Market update

    Tokyo's Nikkei index fell 3%, suffering its biggest one-day decline since August. Japan's gross domestic product fell at an annualised rate of 1.6% in July-September after dropping 7.3% in the second quarter, taking the country back into its third recession since the financial crisis. The Hang Seng Index in Hong Kong was down 0.9%

  26. Oil prices

    BBC Radio 4

    "We really face dramatic falls in global demand in the first half of next year, not because of a global slowdown but because of a seasonal slowdown in demand," Antoine Halfe of the International Energy Agency tells Today. He does however, see demand for oil increasing again in the second half of the year and in the years that follow. He suggests the current slowdown in demand in a bit of a blip, really.

  27. Reckitt Pharmaceuticals sale

    Reckitt Benckiser says that, after thinking about it since July, it will go ahead with spinning off its RB Pharmaceuticals business with a separate UK listing. The new firm will be called Indivior. Its products include Suboxone, which helps people get off heroin.

  28. Serco chairman stands down

    Outsourcing firm Serco has announced its chairman is standing down. Alastair Lyons says the initial findings of the company's internal review "point to strategic and operational mis-steps" for which he takes "ultimate responsibility". He will leave the firm once a successor is found during the first half of next year. Last week, Serco announced it was writing off £1.5bn connected to losses on contracts.

  29. Oil prices

    BBC Radio 4

    An oil field

    "The OPEC countries need to defend their market share in an increasingly competitive market, so cutting production doesn't help them maintain their market share," Antoine Halfe, chief oil analyst at the International Energy Agency, tells Today. OPEC nations are meeting at the end of the month in environment of dramatically falling oil prices. They are now at a four-year low.

  30. Global economic crisis?

    BBC Radio 4

    David Cameron at the G20 in Brisbane

    David Cameron has warned the world is on the brink of a new economic crisis. Two weeks ahead of the Autumn Statement, he has written in the Guardian warning the "eurozone is teetering on the brink" of a third recession. But, he has also reaffirmed the government's commitment to tackle the deficit. The BBC's assistant political editor Norman Smith, speaking on the Today programme, says that's because there is a view among some Conservatives that the Chancellor has given up on tackling the deficit.

  31. Start-up companies

    Radio 5 live

    Andrew Freeman of the think tank the Finance Foundation is on Wake Up to Money talking about start-up firms. "One of the things I am calling for is a business registry, a new data set, because it turns out there's a lot we don't know why some companies are successful." A lot of money is thrown at start-ups and better knowing where to send it is a good idea, he says.

  32. Asset management

    Radio 5 live

    Justin Urquhart Stewart of Seven Investment Management is on Wake Up to Money talking about fund management fees. That's what your pension fund manager earns. "Fees should be related to how you're performing," he says. Whether they are passive (following an index like the FTSE 100) or active (stock picking) it should be performance-related, he says. What happens to his pay in a year where he's down? "We earn less."

  33. Japan recession

    Radio 5 live

    Sarah Hewin of Standard Chartered is on Wake Up to Money talking about Japan's economy falling into recession. "Huge government debt" is part of the problem. The country's quantitative easing programme "clearly hasn't worked."

  34. Post update

    Matthew West

    Business Reporter

    Morning, it's Monday again (already). And it's gotten off to a bad start already with Prime Minister David Cameron warning the global economy is in trouble and then just to prove him right Japan falls into recession. That's led Asian markets lower today, and it's likely the ripple effect will reach Europe this morning. So, stay with us.