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Live Reporting

Josh Martin

All times stated are UK

  1. Goodbye

    Unfortunately, that's it for the live page. We're ending early today due to unexpected circumstances.

    But don't worry we'll be back again bright and early on Monday morning at 6am. Please join us again then.

  2. Choppy trading to end the week in London

    The FTSE 100 has just about managed to close in positive territory. It ended the day up 21 points or 0.3% higher at 7,048.16.

    The FTSE 250, however, closed down, ending 0.8% lower at 18,803.90.

  3. Another airline patches up its differences with a workers union

    Air France flight coming in to land
    Image caption: Air France has been battling unions over pay

    First Ryanair, and now Air France has said it has progressed a pay dispute with unions.

    The French flag carrier has signed a new pay deal with unions, its parent company, Air France KLM said, drawing a line under a labour dispute that led to several strikes and flight cancellations earlier this year.

    Under the agreement, Air France workers will get a 2% pay rise backdated for 2018 and another 2% for 2019.

    The move will be seen as a win for new CEO Ben Smith, after Jean-Marc Janaillac was forced to resign as boss in May after failing to get unions to agree a pay plan.

  4. Harder times for the US housing market?

    Property for sale in Alhambra, California on June 20, 2018 where home prices hit a record high in May as sales dipped.

    Sales of existing homes in the US tumbled to their lowest rate in almost three years in September, as buyers pulled back in the face of high prices and rising interest rates.

    Homes sold at a seasonally adjusted annual rate of 5.15 million last month, falling 3.4% from August, the National Association of Realtors said. Sales were down 4.1% compared to a year ago.

    Prices continued to climb, as the median price increased 4.2% year-on-year to $258,100 (£197,935.60).

    The sales pace is the slowest since November 2015 - a potentially worrying sign as housing activity is often considered to be a bellwether for the broader US economy.

  5. House of Fraser store in Manchester to close

    House of Fraser Manchester
    Image caption: The Kendals on Deansgate, Manchester was renamed House of Fraser in 2005

    The House of Fraser Kendals department store on Manchester's Deansgate will close in January, House of Fraser confirmed today.

    A spokesperson for House of Fraser said: “We have suggested various options to the landlord that would have enabled us to save the store in Manchester. Sadly, these have been declined."

    House of Fraser had reentered negotiations with its various landlords around the country, using a process called a Company Voluntary Agreement, to reduce its rent bills as the retailer works through difficult trading conditions.

    Financially troubled House of Fraser (HoF) was bought for £90m in August by Sports Direct owner Mike Ashley. Some of its 59 stores have not been saved.

    House of Fraser purchased Kendals in 1959 but kept its name on the Deansgate building until 2005.

  6. EU gives green light to Microsoft's $7.5bn GitHub deal

    Microsoft logo
    Image caption: Microsoft will buy GitHub for more that $7bn

    The European Commission has signed-off on tech giant Microsoft's $7.5bn (£5.75bn) purchase of software development tool maker GitHub.

    The anti-trust probe concluded that the combined companies would still face significant levels of competition from rival players.

    The EU body also said that new owner Microsoft would not be able to undermine the open-source nature of GitHub because its 28m software developers are able to switch to other platforms.

    Microsoft shares rose more than 1.8% in New York on the news.

  7. Daimler shares go in reverse on profit warning

    A row of Mercedes-Benz cars
    Image caption: Daimler makes Mercedes-Benz cars

    Mercedes maker Daimler has seen its shares sink more than 3% today after the German car giant issued its second profit warning in four months.

    The company blamed stricter rules on diesels from the German government and said profits this year would be significantly lower than 2017.

    Daimler's shares fell to a five-year low on the news and dragged other European car makers, such as PSA and Volkswagen lower as well.

  8. US stocks open higher

    NYSE trader

    Stocks on Wall Street have opened higher, with sentiment boosted by well-received results from companies such as P&G and Honeywell.

    The Dow Jones Industrial Average has risen 191.69 points to 25,571.14, while the S&P 500 is up 22.95 points at 2,791.73.

    The tech-heavy Nasdaq index has climbed 75.35 points to 7,560.49.

  9. TransferWise looks to Asia for growth

    Taavet Hinrikus and Kristo Kaarmann
    Image caption: Taavet Hinrikus (left) and Kristo Kaarmann (right) set up TransferWise

    UK financial tech company TransferWise has said it will almost double its headcount in Asia, as it looks to grow revenues from the continent.

    TransferWise boss and co-founder Kristo Kaarman said the money transfer and payments company will link up with new instant payments infrastructure in both Hong Kong and Singapore in order to offer real-time cross-border payments to customers.

    Earlier this year TransferWise became the first non-bank to obtain direct access to the UK's Faster Payments Scheme.

    From its base in London, TransferWise has raised almost $400m from investors including billionaire Richard Branson.

  10. MP committee: 'much to do' to beat old-age bias in work

    An older worker
    Image caption: Older workers face discrimination in the hiring process, a Parliamentary committee claims

    A parliamentary committee has said there is still much work to be done in order to tackle age discrimination in the UK workplace.

    The Women and Equalities Committee published a report into older people and employment in July, concluding that the Government and the Equality and Human Rights Commission (EHRC) are failing to enforce the law on age discrimination.

    Today the Government responded, but the committee said that response was "mixed" and lacked definitive details or time frames of its planned response.

    The committee had recommended that enforcement action be taken against age bias in recruitment but this was rejected by the Equality and Human Rights Commission (EHRC).

  11. Italy: 'No crisis - but no room for error'

    The cost of borrowing for Italy reached a four-and-a-half year high earlier. The market is reacting to tension between Rome and Brussels over Italy's latest budget, which many EU officials feel needs to be tightened up.

    View more on twitter
  12. Ryanair says 'deal made' with European unions

    Ryanair plane
    Image caption: Ryanair has been hit with strike action over the summer

    Budget carrier Ryanair has said it has agreed deals with more European unions, in a bid to avoid the pilot and crew strikes that plagued the airline last year and over the summer.

    Ryanair's human resources boss Eddie Wilson said today: "These signed agreements with our pilot unions in Portugal, the UK, Italy and shortly in Spain, demonstrate the considerable progress we're making in concluding union agreements with our people in our major EU markets."

    However, UK pilots union BALPA poured cold water on the announcement, saying disagreements regarding base transfers and seniority have yet to be sorted.

    BALPA head Brian Strutton said proposals brought by Ryanair still needed to be put to a vote by union members and, until they passed, no deal was done.

    At the beginning of October Ryanair boss Michael O'Leary said profits at the airline will be hit this year due to strike action and higher oil prices.

  13. Gillette and Olay maker P&G sees sales surge

    The maker of Olay, Febreeze and Gillette razors has reported a surprise rise in first quarter sales.

    Net sales rose marginally to $16.69bn (£12.81bn) from $16.65bn. Analysts had expected overall sales to fall to $16.46bn.

    The rise was helped by the consumer good giant's beauty business, where sales rose 5%, driven by double-digit sales of its premium skin care brand Olay.

    Net profit for the three months to 30 September was $3.20bn, up from $2.85bn for the same period a year earlier.

    P&G-owned products
    Image caption: P&G makes a variety of household-name brands such as Gillette and Oral B
  14. Facebook 'hires Nick Clegg'

    Nick Clegg

    Former Deputy Prime Minister Nick Clegg has reportedly been appointed to a senior communications role at social media giant Facebook.

    The Financial Times reports the former Liberal Democrat party leader will move to Silicon Valley to head Facebook's global affairs and communications team.

    It comes in the wake of several high profile data scandals that have knocked the reputation of the social media company, which culminated in Facebook CEO Mark Zuckerberg facing a Senate committee over social media, data use and political influence.

    Mr Clegg will take the role from Elliot Schrage, who led the department for 10 years.

  15. SoftBank boss silent on Saudi conference

    SoftBank Group Corp Chairman and CEO Masayoshi Son

    Prominent business leaders have been bailing out of a high profile investment conference due to take place in Saudi Arabia next week.

    Allegations that Saudi agents killed and dismembered Saudi journalist Jamal Khashoggi, have made many recoil from the nation.

    However, the Wall Street Journal points out that Japanese tech investor, Masayoshi Son, has not said anything about the case.

    Saudi Arabia has pledged $45bn for his SoftBank Vision Fund, so he is in a difficult position.

  16. Toyota boss: 'Avoid no-deal at all costs'

    Akio Toyoda, Toyota chairman

    The chairman of Toyota says a no-deal Brexit should be "avoided at all costs".

    Writing for the website of Japan's Automobile Manufacturers Association, Akio Toyoda, gave his assessment of a no-deal scenario: "Corporate activities and consumers will be adversely affected by the impacts of suspended production activities resulting from failed just-in-time logistics operations, declines in revenue, and revised vehicle sales prices caused by spiralling logistics and production costs."

    Japanese firms produce 1.5 million vehicles a year in the UK and employ about 170,000 staff.

  17. eBay takes on Autotrader

    Autotrader website

    Auction site eBay says it is acquiring the website, making it a "leading alternative" to Auto Trader as a classified ad site for cars.

    Under the deal, would become part of classified ad site Gumtree UK, also owned by eBay.

    The combined group would offer more than 620,000 car listings, against Auto Trader's 500,000. The deal is subject to approval by regulators and is expected to be completed early next year.

  18. Tearing apart a Tesla Model 3

    Tesla Model 3

    What happens when you take apart a Tesla Model 3 car and what do you learn.

    Well it's pretty interesting. According to an industry guru, interviewed by Bloomberg, the car's body is too heavy, too stiff and difficult to manufacture.

    However the battery is "a brilliant piece of engineering" the report said.

    You can watch the Bloomberg video here.

  19. The 'catch-22' facing UK car dealers

    New cars

    Shares in Pendragon have recovered a bit, they are now down 12%, following a profit warning.

    Benjamin May, an analyst at Berenberg says that car dealers are in a "catch-22" at the moment.

    New car sales are declining so they can either accept selling fewer cars and miss the sales targets set by the car manufacturers, or take the cars on themselves, which hurts their profit margins.

    Pendragon has been trying to sell its new car dealerships to avoid this problem, says Mr May.

    "Unfortunately, the company’s used-car-only operations are not yet big enough to offset this. Ultimately, Pendragon has fallen prey to trends we imagine will bite the rest of the industry," he said.

  20. Michelin shares deflate

    Michelin logo

    Shares in French tyre maker Michelin have sunk by nearly 7% after the company cut its sales forecast for this year.

    Michelin blamed the cut on declining demand from China and also on a slump in European car sales, which has been linked to tougher new emissions tests.

    Chief finance officer Marc Henry said: "All of these markets are going to be in decline by comparison with the forecasts we had made."

    Michelin now expects car tyre sales to grow by 0.5%, compared with a previous estimate of 1.5%, while the forecast for truck tyres is a fall of 1.5% instead of 0.5% growth.