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Live Reporting

By Daniel Thomas

All times stated are UK

  1. Good evening

    That's it for Business Live, thanks for tuning in. We'll be back at 6am sharp tomorrow, hope to see you then.

  2. FTSE 100 closes higher

    Trader

    The London market has ended higher despite lingering nerves over the resumption of US-China trade talks on Thursday.

    At the closing bell, the index was up 0.6% at 7,198.71 points.

    British Airways-owner IAG was the best performer, gaining 3.1%, followed by private healthcare firm NMC Health - up 2.8% - and British Gas-owner Centrica - up 2.6%.

  3. Honda affiliate to close in UK putting jobs at risk

    Japanese car parts company Honda Logistics UK, which supplies - but is not owned by - the carmaker Honda, is to shut its operations in Swindon next year.

    The move, which is directly linked to Honda's decision to end production of its cars in Swindon in 2021, puts 1,200 jobs at risk.

    Honda Logistics said Honda is its main UK customer and that the firm's decision to quit Britain had made its own business unviable.

    Pernille Rudin, a commentator on Japanese business, tweeted:

    View more on twitter
  4. Drax: Block on power station development overruled

    Drax power station near Selby in North Yorkshire
    Image caption: Drax power station near Selby in North Yorkshire produces 7% of the UK's electricity

    Four new gas-fired turbines at Drax power station have been approved by the UK government – against a ruling from its Planning Inspectorate.

    The turbines are to replace coal-fired units, but the inspectorate said they should be blocked because of their impact on climate change.

    Environmentalists argued that emissions from the turbines would contribute to breaching climate targets.

    But the government said fossil fuel generation will still be needed.

    Read more

  5. Why US stocks are down

    As European markets enjoy modest gains, US indexes are slightly down, but why?

    David Madden of CMC Markets says traders have been trimming their positions in the wake of a strong finish on Friday.

    "The largely positive US jobs report at the back end of last week triggered buying, and the bullish sentiment has cooled a little.

    "Thursday’s US-China trade talks will be in play this week, but already traders are managing their expectations as it seems that China won’t budge on certain issues."

  6. Is Pizza Express in trouble?

    According to reports, the pizza chain is about to hold crunch talks with creditors about restructuring its hefty debts. The firm has declined to comment, but BBC business editor Simon Jack has his suspicions:

    View more on twitter
  7. UK retailers see 'worst September on record'

    Shoppers

    British retailers have seen their worst September since at least the mid-1990s as people instead spent money on entertainment, according research from the British Retail Consortium (BRC).

    Blaming weaker household demand ahead of Brexit, it said total retail sales values declined 1.3% in September compared with the same month last year. On an annualised basis they were down 0.2%.

    While official retail data has painted a healthier picture, surveys like the BRC’s have suggested household spending - one of the few drivers of economic growth this year - may be starting to wane.

    “With four months of negative sales growth since March, the ongoing political gridlock surrounding Brexit is harming both consumers and retailers,” BRC boss Helen Dickinson said.

    The BRC survey showed spending on non-food items fell sharply as spending on essentials rose. Online sales of non-food items were the worst ever recorded.

  8. Arrests as Extinction Rebellion protests begin

    Potesters

    More than 130 people have been arrested in London at the start of two weeks of protests by environmental campaigners.

    Extinction Rebellion activists are protesting in cities around the world, including Berlin, Amsterdam and Sydney.

    Organisers have planned to shut down key sites in central London, in addition to demonstrating outside government departments.

    Extinction Rebellion claims protests in the capital will be five times bigger than similar events in April.

    Read more

  9. Deepfake videos 'double in nine months'

    Rory Cellan-Jones

    Technology correspondent

    Image depicting a deepfake

    New research shows an alarming surge in the creation of so-called deepfake videos, with the number online almost doubling in the last nine months. There is also evidence that production of these videos is becoming a lucrative business.

    And while much of the concern about deepfakes has centred on their use for political purposes, the evidence is that pornography accounts for the overwhelming majority of the clips.

    The research comes from cyber-security company Deeptrace. Its researchers found 14,698 deepfake videos online, compared with 7,964 in December 2018.

    They said 96% were pornographic in nature, often with a computer-generated face of a celebrity replacing that of the original adult actor in a scene of sexual activity.

    Read more

  10. US stocks open lower

    US traders

    US stocks opened slightly lower on Monday as investors braced for the US-China trade talks set to resume later this week.

    The Dow Jones Industrial Average fell 71.39 points, or 0.27%, at the open to 26,502.33. The S&P 500 opened lower by 7.78 points, or 0.26%, at 2,944.23.

    The Nasdaq Composite dropped 26.07 points, or 0.33%, to 7,956.41 at the opening bell.

    A report on Bloomberg over the weekend suggested Chinese officials were increasingly reluctant to agree to a broad trade deal with Washington.

    Vice Premier Liu He, who will lead negotiations for China, will apparently not commit to reforming Chinese industrial policy or government subsidies, Bloomberg reported, citing sources close to the talks.

  11. Wetherspoon's to sell first ever fake-meat burger

    The Meatless Farm ad

    Tapping into the growing vegan craze, one of the UK's biggest pub chains JD Wetherspoon will add its first ever fake-meat burger to its menu this week.

    Following a successful six-month trial, the group said it would sell plant-based burgers made by The Meatless Farm at all 880 of its UK outlets.

    Wetherspoon’s already offers a vegetable burger - suitable for vegetarians - and most its pubs now sell vegan main meals, such as filled jacket potatoes, salads, a chilli and a curry, but it is keen to give diners more choice.

    Wetherspoon’s head of catering, Jameson Robinson, said: “The plant-based burger is a great addition to the menu and we are confident that it will prove popular with vegetarians and vegans as well as those who eat meat."

    He added the firm had seen growing demand for vegetarian and vegan meals among young and older customers alike.

  12. UK sees 'most colourful' apple crop

    Apples orchard
    Image caption: An apple orchard in Kent

    The UK has had its "most colourful" apple crop in almost 20 years following particularly warm days and cold nights in late August and early September, a trade group claims.

    It's unclear whether there's any scientific basis to the claims by British Apples & Pears, or it's merely PR spin, but the pictures it provided of an apple orchard in Kent certainly look rosy.

    “It’s a difference of at least 10 degrees between day and night that delivers the vibrant colours that growers hope for and that consumers love," said Ali Capper, boss of the trade body.

    "The prolonged spells of sunshine coupled with rain throughout the growing season - our wonderful maritime climate - also helped the apples to grow slowly and develop their full flavour potential.”

    Keep that in mind next time you're shopping for varieties such as Cox, Jazz or Braeburn.

  13. Pizza Express 'to hire advisers ahead of debt talks'

    Pizza Express restaurant

    High Street restaurant chain Pizza Express has reportedly hired financial advisers as it prepares for crunch talks with creditors over its huge debts.

    At the end of last year the chain had debts of £1.12bn, while in the first half of this year profits fell 7.7% to £32.4m.

    The reports, which stem from a Bloomberg article published on Friday, come as many High Street businesses struggle with slower demand and intense competition.

    Pizza Express declined to comment, but boss Jinlong Wang said: “Intense competition in the casual dining sector encourages innovation and we are constantly seeking ways to increase appeal to new and existing customers.

    "Looking ahead, whilst we expect both the UK and Ireland and International markets to remain challenging, we are confident in our ability to successfully appeal to customers and believe that we will continue to deliver a resilient performance across the remainder of 2019.”

  14. FTSE 100 edges upwards

    Man outside the LSE

    The London market is up, but only just, as investors await the latest round of US-China trade talks.

    A short while ago the FTSE 100 was 0.2% higher at 7,172.46 points, while the smaller cap FTSE 250 was down 0.2% at 19,444.70 points.

    Markets are largely treading water as investors await developments on Brexit and US-China trade expected towards the end of the week.

    Reflecting that mood, the pound is flat against the dollar, trading at $1.2328.

  15. Japan to sign US trade deal on Monday

    Japanese Foreign Minister Toshimitsu Motegi

    Japanese Foreign Minister Toshimitsu Motegi (pictured) has said Japan and the US will sign their trade agreement brokered last month on Monday, and that Tokyo aimed to bring it into force as soon as possible.

    “If the United States wants to begin the trade agreement from Jan 1, Japan has no objection,” Motegi said.

    US President Donald Trump and Japanese Prime Minister Shinzo Abe agreed a limited trade deal last month that cuts tariffs on US farm goods, Japanese machine tools and other products while further staving off the threat of higher US car duties.

  16. Barclaycard: consumer spending up a little bit.

    Consumer spending grew by a "modest" 1.6% in the year to the end of September, according to Barclaycard.

    Spending on digital content and subscriptions grew by 9.8%, it said, as more people bought streaming services like Netflix and Spotify.

    Clothing sales dropped.

    "The trend towards stockpiling continued, with one in eight already buying Christmas food and drink in case of shortages between now and the festive season," it said.

  17. Union responds to HSBC job cut story

    hsbc

    The FT reported that HSBC plans to cut 10,000 jobs, which has been followed by a number of newspapers and websites. The bank declined to comment to the BBC about the story. Union Unite says the bank needs to come clean if this is the case.

    Quote Message: Staff across HSBC have this morning woken up to dreadful widespread media speculation about the future plans of their employer. Unite is appalled by press reports of 10,000 job cuts globally and has raised urgent questions with the management of the bank in order to get vital answers on behalf of our members working within HSBC. These stories of massive job losses require a comprehensive response by HSBC in order to reassure the workforce. This is a highly inappropriate way for staff to learn about any possible changes within the business and Unite will be holding the bank to account. from Dominic Hook Unite national officer
    Dominic HookUnite national officer