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Live Reporting

By Bill Wilson and Simon Read

All times stated are UK

  1. BreakingTFL statement on Uber licence application

    Quote Message: Transport for London (TfL) has concluded that it will not grant Uber London Limited (Uber) a new private hire operator’s licence in response to its latest application. As the regulator of taxi and private hire services in London, TfL is required to make a decision on Uber’s fitness and propriety before its current licence expires. Safety is TfL’s number one priority. Uber has made a number of positive changes and improvements to its culture, leadership and systems in the period since the Chief Magistrate granted it a licence in June 2018. This includes interacting with TfL in a transparent and productive manner. However, TfL has identified a pattern of failures by the company including several breaches that placed passengers and their safety at risk. Despite addressing some of these issues, TfL does not have confidence that similar issues will not reoccur in the future, which has led it to conclude that the company is not fit and proper at this time.
  2. BreakingUber 'not fit and proper' for London

    Uber London has been found to be not fit and proper to hold a private hire operator licence.

    Transport for London has concluded that it will not grant Uber London a new private hire operator’s licence in response to its latest application

  3. Global markets rise on fresh trade hopes

    Trump points

    After Hong Kong's Hang Seng closed up 1.50%, or 397.96 at 269,93.04 in trading today, market gains have continued in Europe on hopes of a breakthrough in the US-China trade dispute.

    The FTSE 100 is now up 0.68% while the Frankfurst Dax has climbed 0.43%.

    The Paris Cac 40 is up 0.48% while the pan-European Euro Stoxx 50 is up 0.48%.

  4. University staff strike over pensions and pay

    Striking lecturers last year

    Students across the UK face disruption today as lecturers and support staff in 60 universities start an eight-day strike.

    Members of the University and Colleges Union (UCU) are taking action in two separate disputes, one on pensions and one on pay and conditions.

    The strikes will affect almost half of all UK universities.

    The universities say strikes are not the way forward and promise to do all they can to minimise the impact of industrial action on students.

    In addition to striking, union members will begin other forms of industrial action when they return to work, including working strictly to contract, not covering for absent colleagues and refusing to reschedule lectures lost during the strikes.

  5. Burberry among FTSE risers

    Burberry gear
    Image caption: Burberry is among the FTSE risers

    There are no really notable climbers in the blue-chip index this morning.

    NMC Health is rising again and is up 3.17% at 2,536.00 to lead the index.

    Evraz is up 3.09% while luxury fashion firm Burberry has risen 2.56%.

    The only other two shares that have climbed more than 2% so far are M&G and JD Sports which are both up just a shade above the 2% mark.

  6. FTSE inches up

    The FTSE 100 is looking positive so far today.

    It's at 7,371.01, up 44.20 or 0.60%.

    The wider FTSE 250 is at 20,557.45, up 71.64, 0.35%.

  7. Uber 'would appeal'

    Today Programme

    BBC Radio 4

    uber at the New York stock exhcnage

    As mentioned earlier, Uber will find out if can keep its licence to operate in London.

    Fiona Cincotta, market analyst at City Index, told BBC Radio 4's Today that if it loses it is likely to appeal and was likely to keep operating during the appeals process.

    "If they did lose the appeal... that would have a pretty serious impact on the share price

    "Here in London, there would be competition that would fill that void quite quickly."

  8. What about Labour's plans for Waspi women?

    Today Programme

    BBC Radio 4


    Labour has promised compensation to more than three million women who lost out on years of state pension payments when their retirement age was raised, if it wins the general election.

    These are the so-called Waspi women Women Against State Pension Inequality and Paul Johnson, director of the Institute for Fiscal Studies talked to BBC Radio 4's Today Programme about the plan which is costed at £58bn.

    "Let's hope it isn't more than that because that’s a very large sum of money indeed.

    "There are two increasing things about that - the sheer scale of it and it immediately breaks their promises they made in their manifesto just week to only borrow to invest so they would need even more than their £80bn of tax rises if they wanted to cover that.

    "The other thing is just a statement of priorities... They are not finding money to reverse the welfare cuts for genuinely poor people of working age, and of course, whilst some of this waspi women have suffered hardship… many of them are quite well off."

  9. Conservatives 'little room for manoeuvre'

    Today Programme

    BBC Radio 4

    How are the Conservative's plans going to be paid for if taxes are not going up?

    "Borrowing next year will be about £50bn more – 2% of national income – about the limit the government has set itself," Paul Johnson, director of the Institute for Fiscal Studies told BBC Radio 4's Today Programme.

    "The reason we didn’t see anything in the manifesto is first, the Conservatives' don’t want to raise tax, and second, they’ve set themselves a fiscal target to only borrow to invest," he said.

    That leaves "little room for manoeuvre in terms of extra spending on day to day things".

  10. Cake Box sees revenues rise

    Cake Box, the specialist retailer of fresh cream cakes, has seen its half-year revenues rise by 6% to £8.77m.

    Pre-tax profits were £1.74m, as nine new franchise stores were added in the period.

    Sukh Chamdal, Chief Executive Officer, said: "During the period our focus has been on the consolidation of our strategy as we continue to grow the business through rolling out new stores, improving our customer offer and expanding our customer base, which is attracted to our unique, egg-free proposition."

  11. Just Eat advises shareholders not to accept Prosus offer

    Just Eat logo

    UK meals delivery firm Just Eat has advised shareholders not to accept a 710 pence-a-share cash offer from Prosus.

    It said the proposal was inferior to its agreed deal with to create the largest food delivery player outside China.

    "Your Board believes that the combination provides Just Eat shareholders with greater value creation than the Prosus offer," it said in a letter to investors on Monday, adding that the Prosus offer also significantly undervalued Just Eat on a standalone basis.

  12. Asia markets rise

    Investors watch an electronic ticker board displaying stock figures at a stock market on August 29, 2019 in Nanjing, Jiangsu Province of China.

    Asian markets rose on Monday, with the stock market in Hong Kong leading the way.

    Hong Kong's Hang Seng index was 1.5% higher while the Shanghai Composite rose 0.6%.

    Japan's benchmark Nikkei 225 gained 0.8%.

  13. BreakingLVMH agrees purchase of Tiffany for $16bn

    Pedestrians walk past an American luxury jewellery and speciality retailer Tiffany & Co. store in Shanghai.

    Luxury goods giant LVMH is to buy jeweller Tiffany for $135 (£105) per share in cash, in a $16.2bn deal.

    LVMH, owned by France's richest man, Bernard Arnault, has brands including Christian Dior, Givenchy, and Bulgari.

  14. Conservatives 'added nothing' to spending pledges

    Today Programme

    BBC Radio 4

    notes and coins

    Paul Johnson, director of the Institute for Fiscal Studies, has been talking to BBC Radio 4's Today Programme about the Conservative Party's manifesto.

    The policies include a "triple tax lock" - no increase in the headline rate of income tax or National Insurance or VAT for five years.

    He said the Conservatives ad already announced spending increases.

    "We’re seeing something like £13bn of spending increases next year - big increases for the the NHS and some pretty big increases for schools and the NHS and schools will continue to see increases after that.

    "What's interesting about the manifesto is it didn't really add anything significant on top of that and I suppose the implication is that most public services won’t see much in the way of increses over the next four or five years.".

    But, he said, "we've turned a quarter" in terms of austerity as public services are seeing no further cuts.

  15. Crunch time for Uber in London

    BBC Radio 5 Live

    Uber app

    As mentioned earlier, Uber will today discover whether it has received a new licence to operate in London, its largest market outside the US. It is seeking a five year licence.

    The taxi ride hailing app was only granted a two month licence by Transport for London in September, as TFL said it wanted further information from the firm.

    The company lost its licence in 2017 over public safety concerns, after which a judge granted a 15-month extension which expired two months ago.

    Natasha Bernal, business editor at tech magazine Wired, told BBC Radio Five live's Wake up to Money: "Uber at the moment is trying to agree an eleventh hour deal. TFL has asked for more data to verify that the people driving for Uber.... are who they say they are.

    "TFL wants to force Uber to be more accountable for things like safety."

    She adds: "it would not be a shock if TFL said 'no more Uber'."

    Ms Bernal said other local authorities in the UK which have granted licences to Uber would be closely watching the outcome.

  16. Private health care in election spotlight

    BBC Radio 5 Live


    Health is a major battleground in the general election, with Labour and the Conservatives trading blows over the future of the NHS.

    The extent of the private sector's involvement in the health service is a hot topic, particularly in light of noises from the US that the NHS may be included in any post-Brexit trade deal with that nation.

    Helen Buckingham, director of strategy and operations at the health think tank Nuffield Trust, said some 22% of the NHS's budget was spend on private sector goods and services, which includes spending with groups such as with GPs, dentists, opticians, and pharmacists.

    She said excluding these groups and looking at things such as private hospitals, then 7% of the NHS budget was spent with the private sector in England, equivalent to a sum of about £9bn to £10bn a year.

    "That situation has not really changed for the past three or four years. It has become a tougher market for the NHS and private sector," she told BBC Radio Five live's Wake up to Money.

  17. Frozen 2 rakes in $127m at its US box office debut

    Anna, Olaf, Actress Idina Menzel, and Elsa attend the world premiere of Disney's "Frozen 2" at Hollywood's Dolby Theatre on Thursday, November 7, 2019 in Hollywood, California.

    Frozen 2 raked in $127 million (£98.9 million) in its opening weekend in the US, beating forecasts and the box office debut of the original Frozen.

    According to estimates from Comscore,the sequel also generated some $223 million overseas and $350 million worldwide over the weekend.

    Frozen became a phenomenon in 2013, making $1.27bn at global box offices. The film, featuring musical hits like 'Let it go', has captured the imagination of audiences around the world.

    Disney had estimated opening weekend sales of as much as $120 million in the US and Canada, according to Bloomberg.

  18. Hong Kong stocks climb

    Investors watch an electronic ticker board displaying stock figures at a stock market on October 14, 2019 in Nanjing, Jiangsu Province of China.

    Stocks in Hong Kong jumped, outperforming other Asian indices.

    Hong Kong's opposition pro-democracy movement made unprecedented gains in the Chinese territory's district council elections, according to early results.

    Hong Kong's Hang Seng index was 1.8% higher while the Shanghai Composite was up 0.4%

    Japan's benchmark Nikkei 225 rose 0.6%.

  19. Good morning

    Welcome to another week at Business Live online.

    As always we will have all the latest economics and business news for you from the UK and overseas.

    It is a big day for ride hailing firm Uber, which will find out whether its licence to operate in London will be extended. It's been operating on a series of short licences, after Transport for London raised concerns about the firm's approach to carrying out background checks on drivers, and reporting serious criminal offences.