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Live Reporting

Faarea Masud

All times stated are UK

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  1. Good night

    That's all for today's rather busy business day - tomorrow we will bring you news of an expected European Court of Justice ruling on whether any company can transfer customer data to the United States - a case which could change rulings about mass surveillance by the American intelligence authorities. The World Economic Forum's Economic outlook is also one to look out for.

  2. Goldman Sachs - GE Capital Bank public comment deadline extended

    The public have been given more time to comment on Goldman Sachs's proposed acquisition of assets and liabilities from GE Capital bank, the Federal Reserve stated. The Fed extended the 19 Sept deadline to 30 October, after Goldman Sachs announced in August that it agreed to buy an online banking platform and $16bn of deposits from Utah-based GE. The extension was to allow "interested persons" more time to review the proposal.

  3. US stocks close higher on rising energy shares

    Shares on Wall Street closed the day higher, maintaining their opening gains throughout the day. The Dow Jones closed 1.84% higher to 16,775.29 points. The S&P 500 closed up 1.83% to 1,986.99 points and the Nasdaq closed up 1.5% to 4,331.43 points. Energy shares led the indexes higher as the price of oil rose - Shell ended the day up 3.74%, while BP closed 2.98% higher.

  4. Greece predicts further economic slowdown

    Greece has forecast that its economy will shrink 1.3% in 2016, as it seeks to implement the conditions set by its international creditors in return for a bailout. Greece's Prime Minister Alexis Tsipras said debt relief is key to see the economy return to growth. Greek authorities have said that this year, the economy will contract by an overall 2.3%.

  5. London transport and Uber app continue tussle

    The system used in London by car hire app Uber has been called into question - again. Transport for London (TfL) and Uber are seeking guidance on whether the company's smartphones are considered meters, which are outlawed for private hire vehicles. A ruling from the High Court is to be delivered later, but Uber said the outcome would not affect its ability to operate in London. TfL recently invited people to a public consultation to regulate private car hire in the capital - which was of course refuted by Uber because the proposed new regulations could slow down its business. Read more on the BBC Business website.

    Uber app on a phone in London
  6. Lloyds share price discount insufficient

  7. Government should keep LLoyds shares

    More reaction from Live page readers to the news that the government will sell shares in Lloyds to the public at a discount.

    Jason from Manchester emails:

  8. Oil price rises continue to buoy US stocks

    The 2.6% rise in the price of Brent Crude oil has led to energy firm gains on US stock markets. Shell is up 3.31%, helping the rising Dow Jones, which is up almost 1.6% to 16,733.37 points.

    Brent Crude price graph
  9. Tax credits advice

    The BBC's personal finance reporter Kevin Peachey advises:

  10. BP comments on $20bn Deepwater Horizon settlement

    BP says in a statement: "Today we are another step closer to finalizing the settlement we announced on July 2, fulfilling our commitment to help restore the Gulf economy and environment. The filing of the consent decree does not reflect a new settlement or any new money. It covers the same payments – and same amounts – disclosed by BP when we announced this agreement in July. The [US] government has announced a number that includes amounts previously spent or disclosed by BP. As BP said in July, this settlement resolves the largest litigation liabilities remaining from the tragic accident, providing BP certainty with respect to its financial obligations and allowing us to focus on safely delivering the energy the world needs."

  11. Partial reversal of Thatcher's local government castration

    Robert Peston, the BBC's economics editor, blogs:

    Read Robert's full blog post here on the BBC Business site.

    Quote Message: The Conservatives' general election manifesto pledged there would be a few pilot schemes - in Cambridgeshire, Manchester and Cheshire East - to test the impact of giving local authorities the power to retain 100% of any incremental funds they raise from business rates. Just a few weeks later, George Osborne has announced that the pilot would be, well, all of England. So how big a deal is this devolution? Quite big - though it is not quite the full reinvigoration of local authorities 25 years after they were castrated by Margaret Thatcher."
  12. Twitter shares rise as new chief executive announced

    On Twitter's announcement that Jack Dorsey will be its new chief executive, Twitter shares are up almost 6%. The rise is helping US stocks maintain today's opening gains - the Dow Jones is up 1.3% at 16,691.45.

  13. FTSE closes higher on mining share surge

    London's FTSE 100 index closed 168.94 points - or 2.76% - higher, at 6298.92. Mining firm Glencore maintained its gains all day, ending 16.74% higher, on reports that it was selling of some of its agricultural assets to cut debts.

  14. TPP deal 'awful for medicine and agriculture' say campaigners

    Campaigners Global Justice Now reacted angrily to news about the biggest trade deal in history, the Trans-Pacific Partnership (TPP). Director of Global Justice Now, Nick Dearden, said: “Medicine prices will rise as Big Pharma gets more power to monopolise markets. Small farmers will suffer from unfair competition with industrial scale agribusiness. No wonder this has been agreed in secret.  There's still hope though, and we look to US congress to stop this toxic deal."

  15. Trans-Pacific free trade deal agreed creating vast partnership

    The US, Japan and 10 other Pacific rim countries have signed a controversial and sweeping trade agreement that covers about 40% of the world economy. The Trans-Pacific Partnership (TPP) will create a new economic bloc with reduced trade barriers between the 12 nations involved. Read more on the BBC Business website.

  16. BP 'settles' 2010 Deepwater Horizon oil spill for over $20bn

    The US Justice Department said it settled its claims against oil company BP for more than $20bn, reports Reuters news agency. The 2010 rig explosion on 20 April was the worst offshore oil disaster in US history. 11 workers were killed and millions of barrels of oil were spilled on to the shorelines of several states for nearly three months.The settlement is "the largest settlement with a single entity in American history."

  17. Mining shares continue to lead FTSE upwards

    Shares in mining firm Glencore continue to help in leading London stocks upwards. The FTSE is up 2.65%, with the biggest winner being Glencore which has gained over 18% today. The company is reportedly looking to sell some of its agricultural assets to cut debts.

    FTSE graph
  18. Air France executives chased from jobs talks

    Two Air France managers were forced to flee a meeting about job cuts after angry workers broke into the room. The managers, one of whom had his shirt ripped from his body, were involved in talks about plans of nearly 2,900 job losses at the airline. Read more on the BBC Business website.

  19. GM cars come in from the cold

    Chevrolet Aveo

    A Russian government regulator has said that General Motors is recalling 70,200 Chevrolet Aveo cars in a move it had agreed with the US car manufacturer. Russia's Federal Agency on Technical Regulating and Metrology said in a statement on its website that the cars being recalled could show faults under extremely cold temperatures.  

  20. Energy firms lead US stock market gains

    Energy companies are continuing to lead US stock market gains. Breitburn Energy Partners is up 0.87% led by rises in the price of oil. General Electric is up over 4% after investor Nelson Peltz took a 1% stake in the company.

  21. Winklevoss brothers awarded bitcoin exchange licence

    Authorities in New York have granted the company Gemini a licence to operate a bitcoin exchange. Gemini is owned by Tyler and Cameron Winklevoss, the twin brothers who accused Facebook founder Mark Zuckerberg of stealing the idea of Facebook during their Harvard University days. Gemini was one of three virtual currency firms which have now received charters or licenses from the New York Department of Financial Services. The regulator said that before granting a licence, it looked at "anti-money laundering" and "cyber security standards" of the firms, in order to protect against illicit use of the currency which can be untraceable.

    'Bitcoin accepted here' sign
  22. Wall Street opens higher

    Stocks on Wall Street opened the week higher. The Dow Jones rose 0.6% to 16,571.92 points, while the S&P 500 gained 0.71% to 1,965.15. The Nasdaq was also up 0.75% to 4,742.95. The rises come despite lacklustre US jobs figures last week, which hardened the opinion that the Fed would delay an interest rate rise until next year.

  23. Tweets can 'reveal income'

    Your tweets may reveal which income bracket you are in, reports CNBC News. Based on a study by the University of Pennsylvania, people who earn more swear less but express more fear and anger in their tweets. Those who earn less are supposedly more optimistic. The study was based on 5,000 UK Twitter users.

    Twitter on a phone
  24. AstraZeneca avoided corporation tax in 2013 and 2014

    AstraZenica headquarters

    AstraZeneca, one of the UK's biggest businesses which spent most of last year fending off a takeover bid from US rival Pfizer, is using a multimillion-pound tax avoidance scheme in the Netherlands, set up months after the UK relaxed its tax laws for multinationals in 2013 to avoid corporation tax, according to the Guardian. It has investigated the pharmaceutical giant which it says created the scheme using £1.8bn of internal group loans routed through its Dutch subsidiaries.

    AstraZeneca made global profits in 2013 and 2014 totalling £2.9bn but paid no corporation tax on those profits. It was able to do so partly by securing some UK tax deductions from the Dutch lending structure as well as by offsetting high running costs and investment at its UK operations and using other tax breaks, some relating to new medicine research and development.

  25. Twitter names Dorsey as permanent CEO

    Jack Dorsey

    Twitter has named co-founder and interim chief executive Jack Dorsey as its permanent boss, ending months of speculation about who would take charge of the company. Mr Dorsey will remain head of  mobile payments company Square, which he also co-founded, potentially setting up conflicts of interest. Twitter had previously said the chief executive job would be a full-time position, which seemed to exclude Mr Dorsey if he continued to run Square. He has served as interim chief executive since former boss Dick Costolo stepped down on 1 July.

  26. Facebook deal to bring better internet to Africa

    Eutelsat satelite

    Facebook has reached an agreement with French communications firm Eutelsat. The two companies have formed a multi-year partnership with Spacecom, that will see them beam the internet to earth from an AMOS-6 satellite. The firms want to bring better internet services to sub-Saharan Africa.

    It comes a few months after Elon Musk, the boss of Tesla made a formal application to US authorities to test launch satellites into space. However Mr Musk is slightly more ambitious - he wants to give internet connectivity to the whole world. He thinks he'll need around 4,000 satellites to do it.

    View more on twitter
  27. New deal for business

    George Osborne

    Mr Osborne offers business a deal, proposing to "keep cutting your taxes" in return for employers paying workers more. "Britain deserves a pay rise" and will get one with a higher (National) living wage - he adds.

  28. 'Poorest suffer when economy fails'

    "It's always the poorest who suffer when the economy fails," George Osborne tells his audience. He attacks "economic cruelty dressed up as socialist compassion". The chancellor says his job is "to make sure the country never again gets into this mess". Running a budget surplus means "we will be better prepared when the storms come". The Commons will vote on the proposal to enshrine a balanced budget in law next week, he says.

  29. Osborne: Labour's magic-money-tree-ism

    Chancellor George Osborne is dismissive of the economic policy of Labour's new leadership. He described the idea of People's QE as "magic-money-tree-ism".

    Quote Message: Messing around with the independence of the bank of England and letting inflation rip destroys savings and is a massive risk to the economic security of every single working family. from Chancellor of the Exchequer, George Osborne
    Chancellor of the Exchequer, George Osborne
  30. 'Biggest privatisation for 20 years'

    George Osborne

    George Osborne says the planned sale of Lloyds shares to the public is "the biggest privatisation for more than 20 years", adding: "Every penny we raise, we will use to pay off our debts."

  31. Protestors storm Air France headquarters

    Shirtless Air France executives

    There are reports that protesters have stormed the Air France headquarters. Two of the company's senior executives had their clothes ripped in the fracas (see picture).

    Air France executives are due to announce cost cuts today, that could result in almost 3,000 job cuts.

  32. Overheard in the BBC Business Unit

    Technology correspondent Rory Cellan-Jones tweets:

  33. Lloyds sale: Not attractive enough

    One reader of the Business Live page is not impressed with the government's plan to sell discounted Lloyds shares to the public.

    CJS emails:

  34. 'Get the Tory faithful onside'

    Victoria Derbyshire

    Lloyds Bank branch

    Plans to sell shares worth at least £2bn in Lloyds to private investors have been announced by the government. The BBC's assistant political editor, Norman Smith, says the chancellor is "trying to recapture Mrs Thatcher's so-called popular capitalism". George Osborne "wants to get the Tory faithful onside" because he "really, really, really wants to be the leader of the Tory party", Norman adds.  

  35. Sports Direct site 'called ambulances dozens of times'

    A pedestrian walks past a Sports Direct store

    Ambulances were called to the headquarters of one of Europe's largest sports retailers more than 80 times in two years, a BBC investigation found. Many of the calls, for workers at Sports Direct's complex at Shirebrook, in Derbyshire, were for "life-threatening" illnesses. Former workers said some staff were "too scared" to take sick leave because they feared losing their jobs. Sports Direct said it aimed to provide safe working conditions for all.

  36. Eurozone growth forecast at 0.4% in third quarter

    Markit eurozone PMI graph

    Business activity weakened last month in the eurozone as new orders came in at a slower pace than first reported and fewer jobs were created. That's despite services firms raising prices for the first time in four years. The data points to only modest third-quarter growth, according to survey compiler Markit, which forecasts the eurozone economy probably grew by around 0.4% three months to the end of September. Markit's final September Composite Purchasing Managers'Index came in at a four-month low of 53.6 and weaker than an earlier estimate of 53.9. In August, it was 54.3. The index has been above the 50 which marks growth since July 2013.

  37. Decision on Heathrow by Chrismas

    Today Programme

    BBC Radio 4

    Heathrow airport

    Chancellor George Osborne told the Today programme earlier that the choice is now "on the table" for ministers regarding whether to build a third runway at Heathrow or Gatwick. The decision will be made by Christmas, he said. He added governments of different hues have dithered on the decision for 50 years.

  38. Who does Lloyds belong to anyway?

    Live page reader Louis Lavery makes this point:

  39. UK service sector continues to cool-off

    Markit UK PMI graph

    The services sector powers the UK economy. And a report this morning shows that growth continued to cool last month. The Markit/CIPS services purchasing manager's index fell to 53.3 in September from 55.6 in August. While that still indicates growth, it is the weakest showing since the second quarter of 2013. This is what Chris Williamson, chief economist at Markit had to say about the figures.

    Quote Message: At the moment, sustained strong hiring in services and construction suggests that companies are generally expecting the slowdown to be short-lived. But with the three PMI surveys collectively recording the weakest inflows of new business for two-and-a-half-years, there’s a strong likelihood that the slowdown could intensify in coming months. from Chris Williamson, chief economist, Markit
    Chris Williamson, chief economist, Markit
  40. Xchanging shares surge 55% on dual takeover bids

    Outsourcing company Xchanging has received two separate takeover bids, one from larger rival Capita and the other from private equity firm Apollo Global Management. Apollo has had made an offer of 170p per share valuing the firm at about £421m. Capita has made a fourth offer of 160p. Shares in Xchanging have surged about 55% to a high of 171.25p this morning.

  41. Lloyds share sale: What do you think?

    What do you make of the plan to sell Lloyds shares to the public at a discount? Are you interested? Get in touch. You can email bizlivepage@bbc.co.uk

  42. Virtual reality: Will it fly or flop?

    Business live

    3D film and television was not the big success that many forecast. So what about virtual reality (VR)? Avinash Changa the founder of WeMakeVR thinks that VR has more relevance for everyday life. He says that it will help the elderly to explore the world, even when they might be unable to travel. He also thinks it will "change the world of education completely". For example, Aviniash says, with a VR headset medical students would be able to watch a surgeon operate.

  43. Air France battle ahead

    BBC Business Live

    Air France plane

    Air France is expected to announce almost 3,000 job cuts later today. It follows the rejection by pilots of a deal that would have added 100 hours to their flying time a year. That's equivalent to one day a month, says airline analyst John Grant on Business Live. He says that cost cuts are necessary, so the issue is how long "everyone is going to dig in" before an agreement is eventually reached.

  44. FTSE 100 rolls higher

    Healthy gains so far for the FTSE 100 which is up 1.6%. A surge for mining shares is behind this morning's rise. Anglo American is up 4.4%; BHP Billiton is up 3.8% and Rio Tinto is up 3.2%. But Glencore stands out this morning. Shares have soared 18% on hopes that it can raise funds by selling a stake in its agricultural business.

  45. TNT Express issues second profit warning this year

    TNT plane

    Dutch parcel delivery firm TNT Express has issued a profit warning, saying third-quarter operating income will be  "materially lower" than a year ago. It's the firm's second profit warning this year and comes as its share price has been under pressure amid speculation that an antitrust review by European regulators could derail the company's takeover by FedEx. Federal Express agreed in April to buy TNT for €4.4bn (£3.25bn). In the profit warning, TNT says "economic volatility in Brazil, China and Australia weighed on TNT's performance", and that margins in France were "substantially lower" as well. 

  46. Interested in buying Lloyds shares?

    BBC Business reporter Ben Thompon tweets:

  47. Plastic bag charge: 'A lot of confusion'

    BBC Radio 5 Live

    Carrier Bag Shop

    The 5p charge on plastic bags comes into effect in England today. Adam Parsons is at the Carrier Bag Shop in Enfield (pictured) for BBC 5 live. The Chief Executive Sujan Shah told him: "It doesn't help that the rules in Wales are different; the rules in Scotland are different; the rules in Northern Ireland are different. There's quite a lot of confusion about who it does apply to."

  48. Ouch! The cost of England's departure

    England v Australia

    London Business School has taken a stab at estimating how much England's departure from the Rugby World Cup will cost. The Times reports its figures. Per match apparently £5m less could be spent in pubs and £1m could be lost advertising revenue. The price of top category tickets for the World Cup final could fall by £400.

  49. Redcar steel plan closure 'a tragedy'

    BBC Breakfast

    George Osborne

    Asked about the closure of the steelworks SSI in Redcar, Mr Osborne says it is an"absolutely tragic situation"but insists the government worked with the company to try to see if there was an alternative to closing the plant.

    Quote Message: The truth is steel mills are closing all around Europe and all around the world at the moment as the demand for steel drops away from Chancellor of the Exchequer, George Osborne
    Chancellor of the Exchequer, George Osborne

    He says the government has stepped in with a big package of support to help people retrain or start their own business. 

  50. 'Disaster' for UK if we don't start building

    BBC Breakfast

    George Osborne

    Chancellor George Osborne tells the BBC that the UK has not been very good at building infrastructure in the last few years. That is why he wants to create a body which will build cross-party consensus to manage the process of getting infrastructure projects off the drawing board.

    Quote Message: Of course, there are always going to be people who don’t like new building, don’t like new roads, don’t like new railways near them. But the truth is if we hadn’t built railways in the past or motorways in the past, that would have been a disaster for this country. And it would be a disaster for this country if we stop building now. from Chancellor of the Exchequer, George Osborne
    Chancellor of the Exchequer, George Osborne
  51. Trinity Mirror: Sales still falling

    A Daily Mirror newspaper

    Trinity Mirror -  the group which owns the Daily and Sunday Mirror plus a great deal of local and regional newspapers - says revenue fell 9% in the 13 weeks to the end of September. That's an improvement against its second quarter when revenue fell 13%. The newspaper group says it is making good progress on a cost reduction programme that it expects to deliver £20m in cost savings. The group adds it is appealing against the August ruling in the High Court over civil claims for compensation for victims of phone hacking. That appeal is expected to be heard next week. As a result the group isn't putting a figure on any additional compensation costs. 

  52. Ryanair passenger numbers grow 12% in September

    Michael O'Leary

    Ryanair has released traffic figures for September, which show passenger numbers grew 12% to 9.55 million in the month. Rolling annual traffic for the month grew 16% to 97.3 million passengers it adds.

  53. Rolls-Royce to cut 400 jobs

    The engineering firm, Rolls-Royce plans to cut 400 jobs worldwide as part of a revamp of its marine business. The cuts are in addition to 600 job losses announced in May. The low oil price has caused a fall of orders in the business.

    Propellor
  54. Lloyds public share sale next spring

    LLoyds Bank branch

    The government says the discount for members of the public will be 5% of the market price, with a bonus share for every 10 shares for those who hold their investment for more than a year. The value of the bonus share incentive will be capped at £200 per investor. People applying for investments of less than £1,000 will be prioritised, it adds. The shares will be sold next spring with applications available online and by post.  

  55. £2bn worth of Lloyds' shares to be offered to public

    Lloyds bank sign

    The Chancellor George Osborne will announce later today at the Conservative party conference that £2bn worth of Lloyds Banking Group shares will be sold to the public at a discount. The bank was bailed out with £20bn of taxpayer’s money at the height of the financial crisis.

  56. Business backs reformed EU

    Today Programme

    BBC Radio 4

    Kajtia Hall of the Confederation of British Industry tells Today a clear majority of its membership want to stay in a reformed European Union.

    Quote Message: We get lots of benefits from having access to the world’s largest single market - 500 million consumers that we can sell our good and services to. But let’s be clear the EU isn’t perfect. There’s too much bureaucracy and we need to get a better balance between those countries that are in the eurozone and out. And that’s what the prime minister is now trying to achieve. from Kajtia Hall deputy director-general, CBI
    Kajtia Hall deputy director-general, CBI

    She adds there is real appetite for reform of the EU from business groups across the region.

  57. EU 'not fit for 21st century'

    Today Programme

    BBC Radio 4

    Eu flag

    The Today programme is at the Conservative party conference this week. Inevitably Britain’s membership of the European Union is one of the major points of discussion. Helena Morrissey of Newton Investment Management says the European Union isn’t ”fit for the 21st century” and either needs to radically change or Britain needs to leave. She says the UK has “delegated a lot of decision making” to Brussels and some of that power needs to flow back to national countries. She also thinks there are a lot of "closet Brexiters"

  58. American Apparel files for bankruptcy protection

    American Apparel store

    American Apparel has filed for protection from its creditors under chapter 11 of the US bankruptcy code.

    The company says that it has already reached an agreement with 95% of its secured lenders.

    It's been a rocky year for the retailer. In June, after a long saga, it was granted a restraining order against the company's founder and former chief executive Dov Charney.

  59. 'Complete revamp' for global tax rules

    BBC Radio 5 Live

    Is it possibly to stop big companies shifting profits around the world to avoid tax?

    Today the OECD will announce its final recommendations to address the problem. 

    "This isn't just small tweaks," says Rebecca Reading, Corporate Tax Partner at Baker Tilly. There will be a "complete revamp".

  60. Investors in a 'heightened state of nervousness'

    BBC Radio 5 Live

    Traders New York Stock Exchange

    On Friday US markets gyrated. Shares fell sharply after a weak report on the US labour market, but then rallied, and the Dow closed more than 1% higher.

    "Investors globally are in quite a heightened state of nervousness ... People are very jittery," says Sue Noffke, UK Equities Fund Manager at Schroders on Wake Up To Money.

  61. 3,000 job cuts expected at Air France

    World Business Report

    World Business Report

    Air France office

    Almost 3,000 job cuts are expected to be announced at Air France later on Monday. Unions are calling for strikes over the cost cutting plan.

    Norman Gage, airline industry analyst tells BBC World Business Report that Air France will want an agreement with unions before December, when their is usually a spike in bookings and also when airlines rise their prices.

  62. Revamp planned for UK infrastructure investment

    BBC Radio 5 Live

    Lord Adonis

    A new body to plan infrastructure projects will be chaired by the former Labour transport secretary Lord Adonis, the chancellor is to announce.

    The commission will be unveiled at the Conservative conference and George Osborne will pledge an extra £5bn in this Parliament for major schemes.

    On Wake Up To Money Katja Hall, the deputy director-general of the CBI, says it is "a great idea".

    She hopes that the new body will help to get political consensus over big projects.

  63. Good morning!

    Ben Morris

    Business Reporter

    Welcome to Monday's Business live page. Asian markets have started the week with gains, helped by Friday's winning session on Wall Street. Here in the UK the government wants to revamp the planning of big building, transport and energy projects. If you want to get in touch email us bizlivepage@bbc.co.uk.