As it happened: US debt deal and morning business live

Key points

  • US politicians reached a deal to raise the debt ceiling, averting the possibility of default.
  • Chinese companies will be able to buy into UK nuclear power plants, Chancellor George Osborne said.
  • Workers at Grangemouth refinery in Scotland wait to see details of pay cut plan from plant owners.

Live text

Reporting:

  • Pia Gadkari 
  • Anthony Reuben 

Last updated 17 October 2013

STANDARD 0600

Pia Gadkari, Business reporter, BBC News

Good morning and welcome. We'll be bringing you the day's business headlines, as well as company results, economic data and the best of the BBC's business stories as they happen. You can get in touch by emailing bizlivepage@bbc.co.uk or tweeting @BBCBusiness.

STANDARD 0600

Anthony Reuben, Business reporter, BBC News

Good morning. US federal staff will be going back to work later - we've been here all along. Stay with us for the next four hours and do get in touch.

STANDARD 0609 US DEBT DEAL

President Barack Obama

We have a deal! Well, at least we no longer have a crisis. Minutes ago, President Obama signed into law a bill that will temporarily restart the government by funding it until 15 January and raise the borrowing limit until 7 February.

STANDARD 0613 US DEBT DEAL

Radio 5 live

Todd Buchholz, former White House economic adviser, was asked on Wake up to Money on Radio 5 live if the deal was just kicking the can down the road. "It wasn't much of a kick - it was a little bit of a nudge," he said. "They put it on the back of a snail to bring it down the road."

STANDARD 0616 US DEBT DEAL

The US has agreed to take on more debt. How much has it got already? Read this piece about how US debt levels compare with other major economies.

STANDARD 0622 US DEBT DEAL

Radio 4

"Especially North American markets have anticipated this was political theatre and it would be resolved," says Marc Chandler, global head of currency at Brown Brothers Harriman, during a discussion of the US debt deal on Radio 4's Today programme.

STANDARD 0625 US DEBT DEAL

Radio 4

In Europe, financial markets are breathing a sigh of relief, says Iain Stealey, fund manager at JPMorgan Asset Management. But he warns: "We'll be having these discussions again in three months' time. That might be pushed back to March or April because of 'extraordinary measures', it's another can-kicking measure."

STANDARD 0627 PRINCE ON PENSIONS

Prince Charles

The front page of The Times concentrates on Prince Charles saying the short-termism of City institutions meant they were unfit to provide pensions for an ageing population. The next generation of pensioners will be "consigned to an exceptionally miserable future", he said, unless the industry is reformed.

TWEET US DEBT DEAL

Katy Watson, BBC News

at the Capitol in Washington DC, tweets: "And the bill is signed - President Obama can finally get a good night's sleep."