Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. Vodafone fined £4.6m over customer protection
  2. Lloyds takes extra £1bn PPI hit
  3. Nintendo slashes annual profit forecast
  4. Flybe boss departs

Live Reporting

By Catherine Snowdon

All times stated are UK

Get involved

Over and out

Catherine Snowdon

Business reporter

That's all for today. Join us tomorrow on the Live Page for all the day's business news from 6am. 

EU-Canada trade talks rumble on

European leaders continued the tough negotiations for a landmark EU-Canada free trade deal as stubborn Belgian regions held out on key terms of the agreement. 

Canadian and European Union leaders warn that the EU's international standing, already battered by Britain's shock June Brexit vote, will suffer another blow if seven years of trade negotiations go to waste because of internal Belgian politics. 

EU leaders remained optimistic that Belgium's federal government could win over the French-speaking communities in eleventh-hour talks, with Canadian prime minister Justin Trudeau still due to fly in to sign the deal on Thursday. 

But the Socialist leader of the holdout Wallonia region told reporters there were outstanding issues concerning "two important subjects" written into the Comprehensive Economic Trade Agreement - investment protections and agriculture issues. 

FCA chief talks of 'rising uncertainty'

Andrew Bailey
FCA

Andrew Bailey, chief executive of the UK financial regulator, the FCA, is speaking at the Mansion House dinner tonight.

Discussing the FCA's new mission statement, he said:

"The FCA needs to work out how to fulfil its objectives in a world of rising uncertainty."

One thing Mr Bailey was certain of however, was that the FCA's new plan was nothing to do with the referendum.

"The mission is not about Brexit for the simple reason that the issues we tackle in it are universal whatever the outcome of the Article 50 negotiations," he said.

Apple drag on US markets persists

Apple shares closed down 2.25% after the tech giant reported another quarter of falling iPhone sales and revenues.

The slump had an impact on the tech-heavy Nasdaq index, which ended down 0.63% at 5,250.27 points. The S&P 500 was also down, but only by 0.17% at 2,139.45. 

Meanwhile the Dow Jones ceased traded up slightly, hitting 18,199.47, a 0.17% lift, spurred by the strong Boeing results earlier in the day.

Easyjet's Heathrow expansion plans

Easyjet plane in the sky
AFP

Easyjet has wasted no time in thinking about how it will capitalise on the addition of a third runway at Heathrow airport.

According to the Evening Standard, the budget airline wants to in future launch 19 new routes and base up to 30 aircraft at Heathrow.

Analysts' Apple 'contempt'

CNBC's Jim Cramer was livid with Apple analysts after the tech company's earnings conference call. Watch the video in this tweet:  

View more on twitter

All eyes on Tesla

Markets Insider tweets:

View more on twitter

Female chiefs under fire

A new study claims that female bosses are more likely to get the blame when things go wrong at their companies.

The Rockefeller Foundation analysed the media coverage of 20 chief executives during a transition or time of crisis to determine if there are differences in the way male and female CEOs are covered in the press.

And alarmingly, there were big ones.

Female bosses’ personal and family lives are much more frequently the subject of articles, the study found.

And when things go wrong at their company, 80% of the news stories on the situation cited the female chief as a source of the problem, according to Rockefeller’s analysis.

Resolution warns of £84bn deterioration in public finances

Reality Check

Graph showing actual and projected government borrowing
Resolution Foundation

Research out this morning from the Resolution Foundation suggests Philip Hammond faces an £84bn black hole in the public finances.

That figure is how much less the government will have in the years to 2020-21 than it thought at the time of the Budget in March.

The Resolution Foundation has based this figure on taking seven independent forecasts for government borrowing over the next five years (which are published by the Treasury) and comparing the predictions in May with the predictions in August.

Resolution warns that it's not clear whether the August forecasts took into account the Bank of England's stimulus package in the same month.

Is taking the hard line best?

France joins race to host EU bank regulator

France has joined the race to host the European Union's banking regulator when it has to leave the UK following its exit from the bloc. 

The French government's spokesman said "there's already a letter from the prime minister" on France's candidacy for European Banking Authority (EBA) host. 

On Tuesday the Irish department of finance announced Ireland would bid to host the EBA, which is responsible for harmonising and integrating banking supervision across the EU member states. Austria and Germany are also in the race. 

Halloween mask sales could predict US election results

A Halloween retailer says sales of its presidential masks have predicted past elections.
For the last six presidential election cycles, sales of Halloween masks featuring the faces of the two main party candidates at Spirit Halloween, the world's largest Halloween retailer, have accurately predicted the outcome of the vote. The BBC's Alex Ritson found out which are selling best this year from Spirit Halloween's chief executive, Steven Silverstein.

(Picture: Presidential candidate halloween masks. Picture credit: Spirit Halloween.)

ECB's Praet speaks on monetary policy

Peter Praet
Getty Images

Peter Praet, a member of the executive board of the European Central Bank said today that although the economic recovery of the euro area is showing signs of "resilience", risks remain. 

"Mainly stemming from the external environment and significant uncertainties following the outcome of the UK referendum," said Mr Praet. 

"Moreover, our baseline scenario for growth and inflation in the euro area remains crucially dependent on the current supportive financing conditions staying in place," he added.

Speaking in Brussels he said the ECB would, "ensure that monetary policy continues to play its role in facilitating the cyclical recovery." 

Richmond by-election date

After Zac Goldsmith resigned in protest at the Heathrow expansion decision yesterday, we now have the first indication that a date has been set for the resulting by-election. 

The BBC's political editor Laura Kuenssberg tweets:

View more on twitter

End of the road for the Nissan Tsuru

Chris Johnston

Business reporter

Nissan Tsuru
Nissan

Readers with long memories might recall that Volkswagen continued to produce the original Beetle in Mexico until 2003. It was the first car for many Mexicans - as was the Nissan Tsuru, an unstylish four-door sedan first made in the early 1980s.

That makes the Tsuru one of the oldest models still manufactured globally and Nissan has sold about 2.4 million over the decades. While the Tsuru has been a cash cow for the Japanese company, it plans to stop making the car in Mexico by May next year.

A big issue has been Tsuru's dismal safety record. The car was involved in more than 4,000 deaths in Mexico between 2007 and 2012, according to safety organisation NCAP. 

Nissan's announcement coincided with a new NCAP report that gave the version of the Tsuru sold with no airbags a zero star rating for safety.

The Tsuru still features on Nissan's Mexican website, however.

Olympics lift Comcast

NBC and Comcast logo on top of 30 Rockefeller Plaza
Reuters

US media company Comcast reported strong results today, thanks to the Olympics and the first third-quarter gains in video subscribers in a decade. 

NBC Universal chief executive Steve Burke has said that the company made over $250m in Rio as ad sales rose, even though Olympics ratings fell 16% compared to viewing figures for the London Olympics. 

The cable giant has been winning back video subscribers despite an overall drop in the number of people who pay for traditional TV. In the third quarter, Comcast added 32,000 video customers, compared with a 48,000 loss a year ago.

Overall, Comcast net income climbed to $2.24 billion from $2 billion in the same period a year ago. Revenue increased 14% to $21.32 billion.

Strategic thinking advice

Business man refusing a pile of papers
Getty Images

The Havard Business Review has published an article containing advice for bosses on incorporating strategic thinking into their jobs.

Apparently people are often too distracted by 'fighting fires' within their businesses to engage in thoughts about the bigger picture of what the company wants to achieve.

'Power brands' boost Mondelez

Chris Johnston

Business reporter

Mondelez
Getty Images

Consumers might be drinking fewer fizzy drinks, according to Coca-Cola at least, but they are continuing to scoff sweet things it seems. Mondelez, which owns brands including Cadbury, said organic revenue rose 1.1%, helped by "power brands" such as Oreo, Chips Ahoy!, Cadbury Dairy Milk chocolates and Trident chewing gum.

However, net sales fell 6.6% to $6.4bn - slightly lower than expected - hurt by a strong US dollar and abandoning its troubled Venezuela operations. Net profit fell to $548m.

Brittany Weisman, an analyst with Edward Jones, said: "We were pleased to see overall volumes were positive along with solid organic revenue growth especially considering many other competitors are struggling to grow sales."

Investors liked the numbers, it appears: Mondelez shares are up more than 4% at $44.58 in New York.

Tata: 'tough decisions in UK'

BBC Scotland business and economy editor Douglas Fraser tweets and highlights 'removed' Tata chairman Cyrus Mistry's line on the UK:

View more on twitter

TUC reality check on gender pay gap

Earlier we reported the slight reduction in the gender pay gap in the UK. The TUC's policy and campaigns support officer Silkie Cragg has blogged to remind us the picture still isn't great.

View more on twitter

FTSE ends the day down again

The FTSE 100 benchmark index closed down 59.55 points, or 0.85%, at 6,958.09.

Despite strong performances from British Airways owner IAG (up 5.2%) and retailer Marks and Spencer (up 2.3%), the losses couldn't be made up.

Whitbread fell back from the highs of yesterday to close 4.6% down while mining company Antofagasta slumped 3.2% following a disappointing production update.

On the currency markets, the pound rose 0.36% against the dollar to $1.2233 and gained 0.16% against the euro to €1.1213.  

Indian Exchanges wants Tata answers

The BBC's Mumbai correspondent, Yogita Limaye has been told that both the Bombay Stock Exchange and the National Stock Exchange have "sought clarification" from Tata.

They both want more information about the decision to remove chairman Cyrus Mistry from his position. Mr Mistry has revealed his shock at the decision.

How the PM's constituency reacted to Heathrow expansion

In 2009, Prime Minister Theresa May told her constituents in Maidenhead "we must say no to a third runway at Heathrow". However, campaigners say her government's decision to build the runway after all will result in a significant increase in flights above the Berkshire town. So we asked people living there think about her change of heart?    

FCA logo at office building
Reuters

The UK’s financial watchdog, the Financial Conduct Authority, set out a new "mission statement" today.

In it, chief executive Andrew Bailey said the intention was to do more to help customers who are vulnerable to mis-selling.

Commenting on the statement Sarah Isted, PwC risk and regulation partner and conduct and culture co-lead, said:

"The FCA is clearly seeking to prioritise its focus. The revised approach to vulnerable customers, considering wider responsibilities and protection, is an interesting development of FCA's thinking. 

"The fiduciary role and explicit discussion on the wider 'duty of care' which firms have is new and could change the balance of responsibilities between firms and their customers. Differentiated levels of protection for more complex products is further evidence of a more targeted, risk based approach to regulation.

"The FCA also rightly focuses on future-proofing their mission.  The role of technology - in delivering products and services to both consumers and wholesale customers, but also in operational support within firms, will continue to grow in significance, and the FCA is right to look to this future trend in its analysis."      

Vodafone winning, at complaints

BBC Technology correspondent Rory Cellan-Jones tweets:

View more on twitter

World Bank: Women face business hurdles

Cover of Doing Business 2017
World Bank

The World Bank has for the first time included a gender dimension to research it does as part of the Doing Business report.

The differences between how men and women are treated were specifically investigated in three of the 10 topics included in the 'ease of doing business' ranking. 

They are: starting a business, registering property and enforcing contracts.

The report highlights the large disparities between high- and low-income economies and the higher barriers that women face to starting a business or getting a job compared to men. 

In 155 economies women do not have the same legal rights as men, much less the supporting environment that is vital to promote entrepreneurship, according to the research.

'Expectation busting' GSK

Nicholas Hyett, an equity analyst at Hargreaves Lansdown said this about the pharmaceutical company's stonking results: 

“GSK put in an expectation busting performance in the third quarter of the year, with all divisions contributing to a very positive top and bottom line performance.

"That performance has been further boosted by the fall in sterling, which, because of GSK’s international earnings is expected to boost earnings per share by 21% at the full year.

"There’s a dark side to that currency movement though. GSK borrow in dollars as well as sterling, and the cost of that debt has increased by £1.4bn as a result of a weaker pound. That, combined with a dividend that is still uncovered by free cash, means that net debt has increased 37% from the start of the year to £14.7bn.”

Iran and Finland ink deals

Iran's president Hassan Rouhani has been tweeting about meeting the Finnish president, the two countries have signed of several cooperation agreements.

View more on twitter
View more on twitter

HMRC confirms Concentrix contract end

 BBC personal finance and consumer affairs reporter, Kevin Peachey tweets:

View more on twitter

Apple drags US markets down

Apple logo at 5th Avenue store in NYC
Getty Images

US stocks opened lower, with Apple falling 4% after posting an earnings decline due to falling iPhone sales. 

The Apple results overshadowed better-than-expected results from Boeing and food giant Mondelez. 

A few minutes into trading, the Dow Jones Industrial Average had slipped 0.5% to 18,076.71. The broad-based S&P 500 fell 0.5% to 2,132.94, while the tech-rich Nasdaq Composite Index shed 0.6% to 5,250.47.

Deaths hit Dreamworld owner's shares

Chris Johnston

Business reporter

Dreamworld sign
Getty Images

The four deaths at the Dreamworld theme park on the Gold Coast in Australia on Tuesday sent shares in its operator, Ardent Leisure, down almost 15% in Sydney today. The fall when the ASX first opened was as much as 22%.

Ardent also owns the Goodlife gym chain, AMF and Kingpin bowling centres in Australia and New Zealand and the US chain Main Event Entertainment. 

Dreamworld remains closed following the accident on the Thunder River Rapids ride but will reopen on Friday, with all entry proceeds being donated to the Australian Red Cross.

'Replaced' Tata boss bites back

Cyrus Mistry was unceremoniously dumped as chairman of India's Tata Group this week and now he has retaliated.

In a no-holds-barred email to the board seen by the BBC, Mr Mistry says he had become a "lame duck" chairman and alleges constant interference, including being asked to sign off on deals he knew little about.

He also warned the company risks huge writedowns across the business.

Tata said it currently had no response to the allegations.

GSK boosted by pound fall

GSK consumer brands
GlaxoSmithKline

UK drugs giant GlaxoSmithKline has reported a big boost to sales and profits from the fall in the value of sterling.

The pharmaceutical giant - which sells household brands like Sensodyne and Panadol through to vaccines and HIV treatments - said sales increased 23% to £7.5bn in the third quarter, while operating profits rose 40% to £1.4bn.

Stripping out the currency fluctuations, though, the results were more muted. Sales increased 8% and profits rose 5% at constant currency.

Brexit: Sea of opportunity?

Douglas Fraser

Scotland business & economy editor

Fish
Eyewire

Fishermen ought to be pretty pleased. Theirs is one industry that got the result it wanted on 23 June.

No more Common Fisheries Policy. No more decisions on quota decided by a ministerial carve-up including several landlocked countries.

The plucky British skipper would push the giant Spanish armada corporation from the quayside, and claim back a colossal tonnage of catch quota.

However, it's not looking quite that simple. The industry is having to lobby vigorously to avoid being squeezed out of the picture in negotiations over future relations between the European Union and United Kingdom.

Read more here.

Public sell-off of Lloyds shares urged

Lloyds petition
petition.parliament.uk

Hargreaves Lansdown - the fund supermarket which manages £60bn of assets - has set up a petition calling on the government to sell Lloyds shares to ordinary investors.

Chancellor Philip Hammond scrapped plans to sell the 9% of Lloyds shares it owns to the public, instead deciding to sell them to institutional investors.

Hargreaves Lansdown chief executive Ian Gorham says that "rather than engage with working taxpayers willing to invest in our economy, the government has favoured city institutions".

Lloyds shares are down 1% so far today to 55p - well below the government's break-even price of 73.5p.

At 10,000 signatures the government will respond, but there's a way to go - at the last count the petition had less than 40.

I'll take the blue pill please...

Chris Johnston

Business reporter

Reed Hastings
Getty Images

Netflix has to compete with television networks, cinemas, video games - and even old fashioned print products - to win eyeballs for its entertainment offerings.

But in the future, competition might also be found in a bottle, its chief executive Reed Hastings fears. 

“In 20 or 50 years, taking a personalised blue pill you just hallucinate in an entertaining way and then a white pill brings you back to normality is perfectly viable,” he told a Wall Street Journal conference in New York last night. “And if the source of human entertainment in 30 or 40 years is pharmacological, we’ll be in real trouble.”

UK Vogue editor on Sir Philip Green

UK Vogue editor, Alexandra Shulman,has been on Woman's Hour and has been talking about Sir Philip Green, who is facing the loss of his knighthood over the collapse of BHS.

"What he has done has been incredibly supportive of British fashion and really put a lot of money into supporting younger people," she said.

"When the going gets tough everybody runs like lemmings in the other direction and I think there has been a bit of that behaviour.”

British Vogue editor; New TV drama Dark Angel; Royal Ballet's lost Russian Grand Duchess.

Boeing raises sales forecast

Boeing 747
Reuters

Boeing has reported a 34% jump in net earnings to $2.28bn in the third quarter.

Higher than expected deliveries of aircraft means that Boeing is raising its sales forecast for the full year by $500m.

A 'cunning plan' for Brexit?

Tony Robinson as Private Baldrick
BBC
Tony Robinson appeared as Private Baldrick in Blackadder Goes Forth

Labour leader Jeremy Corbyn says in Prime Minister's Questions that he has to turn to "the great philosophers" - and chooses Baldrick from the sitcom Blackadder.

He says Baldrick said "our cunning plan is to have no plan" and suggests this is the government's Brexit strategy.

Theresa May's riposte is that the actor who played Baldrick, Tony Robinson, was a member of the Labour Party. The man himself has this reply:

View more on twitter

FTSE falters

FTSE 100
BBC

The FTSE 100 finished the morning down about 1% at 6,947 points.

Chilean miner Antofagasta was the biggest faller after its warning on copper production, with fellow miners Anglo American, Glencore and BHP Billiton also down.

Costa Coffee owner Whitbread was another big loser, falling nearly 3% after a similar drop on Tuesday following its half-year results.