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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 tomorrow, hope to see you then.

  2. FTSE 100 ends lower

    London's benchmark index has finished lower, ending the day down 0.8% at 7,143.15 points. Again, US-China trade tensions are thought to be blame.

  3. US markets in the red

    The main US indexes are well down amid fears that high-level trade talks with Beijing set to resume this week will come to nothing.

    The Dow Jones is down 1.1%, the S&P 500 is 1.2% lower, and the tech heavy Nasdaq has lost 1%.

    David Madden of CMC Markets said: "Traders are walking on eggshells for fear of China’s retaliation for the blacklisting of Chinese companies by the US government [on Monday]."

    He said that data on the US economy had also spooked investors, suggesting that "demand is dropping, and we might see softer inflation in the medium term".

  4. 'Brexit clock has run out of time' for manufacturers

    Factory

    Earlier the government tried to reassure the public about its Brexit readiness in a 155-page report, but Stephen Phipson, boss of manufacturing trade group Make UK, is sceptical.

    “The more evidence that government publishes the more it confirms that we are nowhere near ready for a ‘no deal’ Brexit. Manufacturing exports are worth around £100bn to the UK economy, two thirds of which go to the EU and, as it stands, exporters are going to be massively disadvantaged by leaving without an agreement."

    He added: “Issues ranging from the mutual recognition of goods to data transfer which are the daily lifeblood for many companies are no nearer to being resolved, while there is no evidence that the essential certification agencies we need to set up in the UK are being established.

    “Adding to the proposed ‘no deal’ tariff regime, this evidence of how unprepared we are for such a seismic change is just piling on more uncertainty and damaging consequences. The clock is no longer ticking, it has simply run out of time."

  5. Former Barclays bankers 'lied to disguise Qatar fees'

    Barclays logo

    Former senior Barclays bankers lied to disguise fees totalling £322m for two large investments from Qatar at the height of the financial crisis, a court has heard.

    Roger Jenkins, Thomas Kalaris and Richard Boath allegedly plotted to commit fraud by false representation relating to Barclays' capital raising in June 2008.

    Jenkins is also accused of fraud over Barclays' capital raising four months later, in October 2008.

    Opening their Old Bailey trial, prosecutor Edward Brown QC said the bankers had concealed the terms of two large investments being made into the bank by the Qataris.

    "At the time of crisis in 2008, Barclays turned to Qatar to secure investment that was fundamental to its future.

    "In this case, the price agreed and then paid by Barclays to Qatar for investing was considerably higher than that paid to other investors for their investment into Barclays."

    Mr Brown said that paying one investor more than another went against established banking practice and would not have been accepted by the other investors.

    He added: "They acted dishonestly in order to preserve the future of the bank and to preserve their own positions."

    Jenkins, 64, of Malibu, California, Kalaris, 63, of Thurloe Square, west London, and Boath, 60, of Henley-on-Thames, Oxfordshire, deny conspiracy to commit fraud by false representation and fraud by false representation.

  6. Femtech: Right time, wrong term?

    Tania Boler, boss of femtech start-up Elvie
    Image caption: Tania Boler, boss of femtech start-up Elvie

    The meteoric rise of the label "femtech" to describe technology products, apps and hardware addressing women's health and wellbeing issues divides opinion.

    While some say it helps the sector secure vital funding from male-dominated venture capitalists, others argue that it unnecessarily pigeonholes women's health.

    So, does it help or hinder?

    Read more

  7. Vodafone to shut 15% of European stores

    A Vodafone store

    Telecoms giant Vodafone is to shut 15% of its stores across Europe and upgrade some of the remaining outlets, boss Nick Read has said.

    However, the group - which has 7,700 stores on the Continent - said it would continue to open new stores in the UK.

    Mr Read said the firm wants to enhance the shopping experience for customers at time when more people are shopping online.

    "If you believe that 40% of your transactions are going to be digital, then how does that impact why someone goes to a store. The journeys and the purpose of the store changes," Mr Read told reporters at a briefing in Duesseldorf in Germany.

    As for its UK plans, Vodafone has said it wants to open 24 new franchise stores this year, and is examining the possibility of opening 50 more in 2020.

  8. Could blacklisting China's AI champions backfire?

    Leo Kelion

    Technology desk editor

    Two brains

    Just over two years ago, China announced an audacious planto overtake the US and lead the"world in AI [artificial intelligence] technology and applications by 2030".

    It is already widely regarded to have overtaken the EU in many aspects.

    But now its plans may be knocked off course by the US restricting certain Chinese companies from buying technologies developed or manufactured in the States.

    Washington's justification is that the organisations involved have made products used to commit human rights abuses against China's Muslim ethnic minorities.

    Read more

  9. Thomas Cook fallout 'affecting supply chain jobs'

    A Thomas Cook plane

    The union Unite has warned that the collapse of Thomas Cook is now resulting in serious job losses in the holiday firm's supply chain.This week Aviator, which undertook ground handling operations for Thomas Cook's airline at Manchester airport, announced it was preparing to go into administration and would cease trading on 22 October with the loss of 351 jobs.Unite also understands that as a result of Thomas Cook’s collapse that ground handlers Swissport at Bristol and Menzies at Gatwick have announced potential redundancies.Thousands of directly employed workers have already lost their jobs but the union fears there could be many more., says Unite national officer for civil aviation Oliver Richardson:

    Quote Message: “The potential job losses in the supply chain highlights why the government’s failure to support the airline in particular, which was profitable and which had five potential bidders, was an act of economic vandalism. Inevitably the taxpayer will end up paying more in redundancy payments and other legal claims as well as benefits for workers who may struggle to find new work
  10. Challenges await new Nissan boss

    Theo Leggett

    BBC International Business Correspondent

    Nissan logo

    Since rugby metaphors are all the rage in Tokyo at the moment, let's use one here. Makoto Ushida has just received what looks remarkably like a hospital pass.

    Nissan's profits have been plummeting, corporate governance is a mess, the boardroom has been riven by infighting and serious questions hang over the future of its partnership with Renault. The shockwaves caused by Carlos Ghosn's sudden and dramatic downfall are still rippling through the company.

    Sorting that little lot out will certainly not be easy. Mr Ushida will have to appease those who want to safeguard Nissan's autonomy within the Franco-Japanese Alliance, while smoothing ruffled feathers at Renault and at the same time trying to boost Nissan's own earnings.

    Let's not forget that FiatChrysler is also waiting in the wings, as a possible suitor for Renault if things don't work out with Nissan. One merger offer was dropped in the summer because of French political inertia. But that doesn't mean the idea couldn't be revived. Another possible headache for the Japanese company.

    So Mr Ushida really has to run with the ball, and avoid the traps that are waiting for him. Otherwise his time in charge could end up being very painful indeed.

  11. US stocks open lower

    US President Donald Trump

    US stocks fell at the open, as a report the Trump administration was considering possible restrictions on capital flows into China stoked worries about the outcome of high-level trade talks later this week.

    The Dow Jones Industrial Average fell 201.43 points, or 0.76%, to 26,276.59, while the S&P 500 opened lower by 18.39 points, or 0.63%, at 2,920.40.

    The Nasdaq Composite dropped 58.02 points, or 0.73%, to 7,898.27 at the opening bell.

  12. Pound falls further after Brexit reports

    Sterling is now 0.7% lower against the dollar, after Downing Street told the media that a Brexit deal was "essentially impossible".

    It's trading at $1.2207 against the dollar, and down 0.74% against the euro at €1.1122.

  13. Readiness report not an expansion on Yellowhammer

    Jessica Parker

    BBC political correspondent

    This is not a stark, revelatory assessment of the possible risks that come with a no deal Brexit. In fact the document begins with a meaty - and pretty political - foreword from the prime minister about the need to deliver on the EU referendum result.

    He also praises the "herculean effort" by thousands of civil servants to help get the country ready. And overall this document attempts to spell out quite how herculean ministers feel that they’ve been in - for example - providing extra resources, pushing out a public information campaign and holding plenty of high-level planning meetings.

    But what takes up the largest proportion of this 155-page document? It’s all about how you - as a citizen, worker or business owner - might need to prepare for the potential changes to come. In a sea of acronyms there’s guidance on everything from customs forms to healthcare cover to how to take your pet ferret abroad.

    So these papers, whilst obviously important, are not an expansion on the “worst case scenario” Yellowhammer documents that were published last month. And as a result, they will likely be deemed a fairly unsatisfactory item by opposition parties.

  14. Government publishes Brexit readiness report

    A port

    The UK government has published a "Brexit readiness report" to inform businesses and citizens on what they need to do to get ready for leaving the EU on 31 October.

    The 155-page document largely contains previously announced contingency measures for a no deal Brexit, although it also mentions that a new advice service to help suppliers of medical goods will be launched.

    "At every point, the government will be candid about the challenges ahead as well as clear-eyed about the opportunities," said Michael Gove, the minister in charge of preparations.

    Previously leaked documents have highlighted the potential for civil unrest, and food, fuel and medicine shortages in the event of no deal - although the government at the time said those represented an outdated worst-case scenario, which they have tried to address.

  15. Three low-paid workers launch Brexit legal challenge

    Workers discuss case in pub

    Three low-paid workers and their union are launching a legal challenge to make the prime minister seek an extension to the Brexit deadline.

    The government has promised EU law-derived employment rights will remain in UK law after Brexit.

    But in the event of a no-deal Brexit, the union says, ministers would have free rein to water down these rights.

    And workers could no longer rely on the supremacy of EU law, the EU Charter of Fundamental Rights or Court of Justice.

    The Independent Workers Union of Great Britain (IWGB), which represents some 5,000 workers, 1,000 of whom are EU citizens, is currently relying upon these aspects of EU law in a number of worker's rights court cases.

    You can read more on this story here.

  16. Barclays criticised after Post Office withdrawal

    A rural post office

    Barclays is facing criticism for opting out of part of the agreement that banks have with Post Offices to allow customers to withdraw cash and deposit money.

    The move is seen as a threat to efforts to provide services to communities that have seen branches and ATMs disappear.

    Barclays will let its customers deposit money, but not withdraw cash from a Post Office counter using a debit card.

    Consumer association Which? says it is a "shocking decision" which exposes the fragility of the UK's cash system.

    The Payment Systems Regulator, which oversees the cash system, warns it is "concerned about the impact".