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Live Reporting

By Jill Treanor

All times stated are UK

  1. Thomas Cook collapse boosts Jet2 owner

    Jet2 plane

    The collapse of Thomas Cook has provided a boost to rival holiday firm Dart Group, which owns the Jet2.com airline and Jet2Holidays business.

    The firm says bookings have been going well, and it has "experienced increased levels of customer demand" since Thomas Cook's demise.

    As a result, the firm says it now expects it will beat current market expectations for its full-year profit.

    However, Dart Group says it remains cautious in its outlook, given the cost pressures from the weakness in the pound and the uncertainty surrounding Brexit.

  2. Peppa Pig losses

    Pegga Pig on a surfboard

    US toy maker Hasbro is in the process of buying Peppa Pig owner Entertainment One, which has just issued its first quarter results.

    It has reported a loss before tax of £43.9m, compared with £6.8m a year ago.

    The its annual general and special meeting to vote on the deal will take place on Thursday.

  3. Broker in FCA settlement

    notes and coins

    TP ICAP says its subsidiary Tullett Prebon has reached a £15.4m settlement with the Financial Conduct Authority into an investigation in to trading between 2008 and 2011.

    The FCA found that certain former managers in TP ICAP's global broking division and in its compliance department "failed to act with due skill, care and diligence".

    Nicolas Breteau, chief executive of TP ICAP said: "We are pleased to put this historical matter behind us. None of the individuals involved in the relevant broking activities remain with our firm, which has long since taken the opportunity to significantly enhance its systems and controls to comply with regulatory expectations".

  4. FAA to be criticised over 737 process - report

    plane

    The US Federal Aviation Administration's (FAA) review of a safety system on Boeing 737 Max plans has been criticised by an international panel of safety regulators.

    Reuters reported it had obtained a draft of a report, before its official release on Friday, by the Joint Authorities Technical Review (JATR) which was commissioned by the FAA in April to look the way the MCAS anti-stall system was approved.

    It reports: "The JATR team found that the MCAS was not evaluated as a complete and integrated function in the certification documents that were submitted to the FAA.

    "The lack of a unified top-down development and evaluation of the system function and its safety analyses, combined with the extensive and fragmented documentation, made it difficult to assess whether compliance was fully demonstrated."

    The plane was involved in two crashes that killed 346 people.

  5. Revamp HMV store fronts

    BBC Radio 5 Live

    Wake Up To Money

    Doug putman surrounded by records

    More from Doug Putman (pictured) the new owner of HMV.

    He has plans to revamp the stores and hints at new products.

    "We definitely need to fix the front of our store. The first 10 to 20 feet, it's not very exciting any more. It looks the same as it did 15, 20 years ago," he told Radio 5 Live's Wake Up To Money.

    "If staff are good and passionate and excited to be at HMV then ultimately we see those stores perform better.

    "We've got to do the things customers want. Adding vinyl was a big thing. We're not all the way there," he said.

  6. HMV boss on business rates

    BBC Radio 5 Live

    Wake Up To Money

    HMV

    The world's largest HMV store is opening its doors to shoppers just months after the chain announced dozens of branch closures.

    Spanning 25,000 sq ft across one floor - almost the size of 12 tennis courts - HMV Vault in Birmingham promises to become a "Nirvana for music and film fans".

    New owner Doug Putman told Radio 5 Live's Wake Up to Money about hsi plans for the business.

    He said he needed to be "fiscally responsible, you have to be very lean" to keep the business operating.

    Even so, he said, "we expect to grow the store count" and has also has been renegotiating rents, as some of the deals he inherited were five to ten years old.

    But, rates are also a concern, he said.

    "What we're seeing is it's not even so much [about] rent now as it is the rates. In almost every case our rates are higher than our rent and our rates higher than profitability on a store. That's a concerning spot for everyone to be in," he said.

    He gave the example of stores where the rent was £20,000, the rates £300,000 and the store breaks even. "You look at that and you just kind of shake your head. From a business perspective it just doesn't make a lot of sense".

    So, he says, for the High Street, the UK needs to "hurry up and look at it".

    "It's way too slow a process and... through out that you are loosing more and more High Street shops and more and more jobs".

  7. Oil tanker 'explosion'

    An Iranian oil tanker has suffered "an explosion" about 60 miles away from the Saudi port of Jeddah, the website of Iran's Al-Alam TV reported on 11 October, quoting "informed sources".

    "The two main storage tanks are reportedly damaged and oil is spilling into the Red Sea", the report added.

    Al-Alam said that experts on the vessel believe the explosion was "an act of terrorism".

  8. WeWork chases new financing - report

    WeWork offices

    Fresh from pulling its flotation, managed office firm WeWork is racing to raise new funding, according to the Financial Times.

    The newspaper says WeWork is "scrambling" to secure new debt financing to buy time in order to complete a restructure of the business.

    It had hoped to raise money through the flotation but its share offering sparked little enthusiasm from investors.

    It is quite a change in fortunes for a business that was valued at $47bn only 10 months ago.

  9. Petrol station business 'to float'

    BBC Radio 5 Live

    Wake Up To Money

    building

    There are reports that EG Group, one of the world’s largest independent petrol station and convenience store chains , based in Blackburn, is considering an initial public offering next year that could value it at more than £10bn.

    Bloomberg reports that EG Group was formed in 2016 when Euro Garages, run by billionaire brothers Mohsin and Zuber Issa, merged with TDR’s European Forecourt Retail Group.

    Richard Dunbar, investment director at Aberdeen Standard Investments, told Radio 5 Live's Wake Up To Money that his firm would "hear their story" before deciding whether to buy shares.

    He said that private equity firms were holding on to their investments for longer than in the past because money is "cheap" as interest rates are low.

    "It's a lot easier to stay private," he says.

  10. Sterling: the Brexit barometer

    BBC Radio 5 Live

    Wake Up To Money

    notes and coins

    Richard Dunbar, investment director at Aberdeen Standard Investments, has been speaking to Radio 5 Live's Wake Up to Money about the jump in the value of sterling - it had its biggest rise for seven months to almost $1.23 - after Boris Johnson and Leo Varadkar said they could "see a pathway to a possible deal".

    "The best barometer of what’s going on in these talks is what’s not on the front pages but what the pound is actually ding," he said.

    He says the pound has not been pricing in a no-deal Brexit. "There's potential for it to swing the other way if the news does get a little better," he said.

  11. Asian markets head higher on trade talks

    Asian markets followed Wall Street higher on Friday amid renewed optimism over trade negotiations in Washington.

    Markets across the region edged higher across the board, with Japan's benchmark Nikkei edging up 0.69% to 21,701.19 in early trade.

  12. Trump optimistic about trade talks

    Liu He leaves the first day of talks

    US President Donald Trump sounded an optimistic note at the end of the first day of US-China trade talks in Washington DC.

    Expectations were low going in, as the talks followed a move by Washington to blacklist 28 Chinese entities for alleged involvement in human rights abuses.

    Although earlier reports had suggested the Chinese delegation might cut the talks short, Mr Trump has signalled that he'll meet directly with Vice Premier Liu He at the White House on Friday.

  13. Good morning

    Welcome to Friday's Business Live.

    Talks are a focus for the markets today: talks on Brexit, and talks in the US over a possible trade deal with China.

    Markets in Asia have bounced on news that Donald Trump will meet Liu He, China's vice premier, while sterling jumped late on Thursday after Boris Johnson and his Irish counterpart agreed they could "see a pathway to a possible deal".

    Brexit Secretary Stephen Barclay is to meet the EU's chief negotiator later. Read the BBC's story here.

    Do get in touch: bizlivepage@bbc.co.uk