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. Uber wins London appeal
  2. FTSE 100 closes higher
  3. Oil prices jump on US Iran threat
  4. Carpetright reports £70.5m loss
  5. Get in touch: bizlivepage@bbc.co.uk

Live Reporting

By Chris Johnston

All times stated are UK

  1. Good night!

    That's all from us here at Business Live for today - thanks for reading.

    As always we are back bright and early at 6am tomorrow, so do join us then.

  2. US stock markets close higher

    US stocks closed higher on Tuesday.

    The Dow Jones Industrial Average finished up 30.31 points at 24,283.11.

    The S&P 500 ended 6.14 points ahead at 2,722.79 and the Nasdaq gained 29.62 points at 7,561.63.

  3. Jack Daniel's to cost a bit more

    Jack Daniel's

    Spirits fans may need a drink after the news that the maker of Jack Daniel's plans to raise prices in some European countries in response to EU tariffs on US bourbon.

    The price of a bottle of Jack Daniel's or Woodford Reserve whiskey is set to rise by about 10%, Brown-Forman said.

    It is the latest US company trying to cushion the impact of the EU's 25% tariffs on American goods, including bourbon, motorcycles and jeans, in response to US tariffs on steel and aluminum.

    Louisville-based Brown-Forman controls its own distribution in about two-thirds of its overseas business. In the markets where the company uses third party distributors, such as Belgium and Italy, price decisions will be made by them, the company added.

  4. Uber: 'Something has changed'

    Uber app

    BBC technology correspondent Rory Cellan-Jones gives his view on the decision to renew Uber's London licence:

    So in the end the humility strategy worked. When Transport for London denied Uber a new licence last September, the company responded aggressively promising to see the regulator in court over its anti-competitive ruling. But by the time this week’s hearing started it was in full retreat.

    TfL had been right last year, we did behave badly, but please believe we’ve changed and give us just an 18 month licence - or maybe just 15.

    For much of the hearing, Chief Magistrate Emma Arbuthnot seemed deeply unconvinced: Uber had shown a gung-ho attitude, determined to grow its business come what may.

    She wanted reassurance that the people who’d been responsible for statements of questionable honesty in the past had gone and that the culture really had changed. But for the arrival of the “impressive” Laurel Powers-Freeling as chairman, Arbuthnot might have been disinclined to grant a new licence.

    So Uber is now free to continue operating in a very important market - but on probation with Transport for London watching its every move.

    A taxi driver who sat through the hearing was unimpressed - “three strikes and you’re in” he told me, explaining that Uber had repeatedly misled the courts and the regulators but had got away with it.

    But something has changed. Uber once thought it could go round the world ignoring local rules - now other cities may follow London in attempting to clip its wings.

  5. The $45bn car tariffs bill

    Buick car

    Donald Trump's threat of imposing tariffs of up to 25% on imported cars would cost American consumers $45bn a year - or $5,800 per vehicle, a trade body warns.

    The Alliance of Automobile Manufacturers, which represents General Motors, Toyota, Volkswagen and other major car makers, will file written comments with the US Commerce Department this week, a spokeswoman said.

    "This tariff would hit American consumers with a tax of nearly $45bn, based on 2017 sales. This would largely cancel out the benefits of the tax cuts," she said.

    Consumers would also face higher costs of imported parts when buying vehicles from both US and foreign car makers, the Alliance spokeswoman added.

  6. Unions welcome Uber verdict

    Uber app

    Union leaders have reacted with relief after Uber was granted a short-term operating licence in London.

    Mick Rix, national officer of the GMB union, said: "The devil will be in the detail but it's quite clear now that Uber has been forced to change its ways. However shiny their technology, no operator can be above the rules or flout decent employment practices."

    James Farrar of the Independent Workers Union of Great Britain said: "This decision will come as a relief to our members whose livelihoods were put at risk by gross mismanagement at Uber. However, workers will be disappointed that Uber's continued refusal to obey UK employment law and its laissez-faire approach to workplace violence against drivers was not considered by TfL when challenging the company's fitness to hold a public licence."

  7. Tech stocks boost Wall Street

    Karamo Brown
    Image caption: Karamo Brown appears in the Netflix reboot of Queer Eye

    After some big falls yesterday, technology stocks are higher in New York today: Apple is up 1.8%, Amazon rose 1.9% and Netflix gained 4.6%.

    General Electric is more than 8% higher and on track for its biggest one-day rise in more than three years after the company said it would spin off its healthcare business and sell its stake in oil services company Baker Hughes.

    The Dow is up 0.45% and the S&P is 0.5% higher, while the Nasdaq has added 0.7%.

    "We're still in a tug-of-war between daily twists and turns of a potential trade war and the reality of a strong underlying US economy," said Brent Schutte at Northwestern Mutual Wealth Management.

  8. Judge: Uber was 'gung-ho'

    Uber sign

    Explaining her decision, Westminster Chief Magistrate Emma Arbuthnot criticised Uber's past "gung-ho" behaviour as "grow the business come what may".

    The judge also said the company painted a "false picture" of its processes during previous court battles and "tried to whip up public outcry" after Transport for London's decision by launching a "public attack" rather than accepting blame.

    Labour's London Assembly transport spokesperson, Florence Eshalomi, said it was reassuring that Uber had taken "some action to clean up their act" and warned it would be closely monitored.

  9. Uber 'pleased'

    Uber app

    Tom Elvidge, Uber's UK general manager, said: "We are pleased with today's decision. We will continue to work with TfL to address their concerns and earn their trust, while providing the best possible service for our customers."

  10. Khan: Uber 'on probation'

    The Mayor of London, Sadiq Khan, says Uber has been been put on probation.

    "Their 15-month licence has a clear set of conditions that TfL will thoroughly monitor and enforce," he said.

    "As a result of us standing up for Londoners, Uber has been forced to overhaul the way it operates not just in London but across the world, including completely changing its global governance structures and implementing new systems for reporting alleged crimes.

    "No matter how powerful and how big you are, you must play by the rules."

  11. BreakingUber wins appeal

    Uber app

    Uber has won its appeal against the loss of its London licence.

    The ride-haiing service has been granted a 15-month short term licence and must comply with a list of conditions.

    It will also pay Transport for London's costs of £425,000.

  12. Brent jumps

    Oil pump

    Brent crude has jumped 1.7% to $76.02 in the past hour or so after the Wall Street Journal reported that the US expects all countries to reduce oil imports from Iran to “zero” by early November or face sanctions, according to a senior US State Department official.

    The Journal said buyers of Iranian crude had expected the US would give them time to cut their oil imports over a longer period, but that may not be the case.

    US oil has jumped even more, up 3.1% higher at $70.20.

  13. Bebb's Galileo doubts

    A Galileo satellite

    The European Union's stance on satellite navigation system Galileo - Europe's version of GPS - after Brexit raises questions about the UK's future security relationship with the bloc, defence minister Guto Bebb said.

    A row over Galileo has become the latest flashpoint in Brexit negotiations after London accused the EU of shutting British businesses out of the project before Britain's exit next year. The EU has said it is honouring the existing laws.

    "I think it undoubtedly raises questions," Mr Bebb told a Commons committee. "I think the United Kingdom government has been very clear over our desire to be involved for the benefit of both parties. In terms of future cooperation, there is no doubt that a continuation of the Commission's line on this issue will raise question marks onto the way in which we can work together in the manner ... comparable with what we do with Nato partners."

  14. BreakingFTSE ends higher

    Carnival ship

    The London market has ended 0.4% higher at 7,537 points, making up some of yesterday's losses.

    Cruise operator Carnival was the top riser, up 3.1%, after double-digit declines on Monday, while British Airways owner IAG was the biggest faller, shedding 3.3%.

    Paris and Frankfurt closed lower, however, but Madrid and Milan were in positive territory.

  15. Saudi plans oil export boost

    Saudi Arabia is planning to pump a record amount of crude next month in a bid to bring down oil prices, Bloomberg reported, citing unnamed sources.

    State oil company Saudi Aramco is aiming to boost production next month to about 10.8 million barrels a day, the report said.

    Saudi Aramco did not respond to a request for comment.