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Summary

  1. Welcome to our new-look Live Page
  2. UK government seeks buyer for its stake in Eurostar
  3. China reports a rise in imports and exports
  4. The morning's main business programmes are available on the Live Coverage tab

Live Reporting

By Edwin Lane and Matthew West

All times stated are UK

Get involved

Mathew West

Business reporter

That is it for another day folks. Tomorrow we have half year results from Burberry and inflation figures for September. We'll see you from 06:00.

NOBEL PRIZE

Jean Tirole
Getty Images

You know that rule about your CV fitting on two sides of A4? Forget it - Jean Tirole's is

27 pages long. Although he does appear to have won just about every economics prize going and published nearly 200 papers.

MARKETS UPDATE

The rally on European markets has continued into lunchtime with

Anglo American - up 4.2% this morning to 1381.50p - still leading gains in London. The
FTSE 100 is now up 0.35% at 6362.34. Germany's
Dax is also higher, up 0.82% at 8861.18 and France's
Cac-40 is 0.71% higher at 4102.53.

NOBEL PRIZE

tirole
Getty Images

Jean Tirole is speaking on the phone from France to reporters at the Nobel Prize announcement event in Stockholm. He's talking about his work on regulation of banks and other big companies. He says we are moving towards global authorities to regulate global businesses. He also thanks the panel for the award. "I am really grateful," he says.

NOBEL PRIZE

Jean Tirole is described as "one of the most influential economists of our time,"

by the awards body. "Most of all he has clarified how to understand and regulate industries with a few powerful firms."

NOBEL PRIZE

French economist Jean Tirole has been announced as the winner of the Nobel Prize for economics "for his analysis of market power and regulation".

NOBEL PRIZE

The winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, better known as the Nobel Prize for economics, is being announced very shortly. Stay tuned.

INTEREST RATE RISE

This is what Mark Carney said to CNBC: "There is weakness, more broadly in EMs (emerging markets) and certainly in Europe. He adds the Bank is having to account "a more modest global recovery". So with global growth appearing to slow and impacting on Europe, the UK's biggest trading partner, there's no need to rush to raise rates. That shouldn't come as a huge surprise given that inflation is running at 1.5% - 0.5% below the Bank's target.

INTEREST RATE RISE

Mark Carney
PA

Is not looking likely this year after Bank of England governor Mark Carney told

CNBC he expects global economic weakness to dominate the Bank's November meeting. So that means it'll be February then, right? Economists are unsure. They're arguing about the timing of an interest rate rise. If not November, then February? If not February then May? With the general election looming large?

Via Blog

EUROSTAR

Kamal Ahmed

BBC Business editor

blogs: "It might be a criticism too far to suggest that the Treasury is hunting down the back of the sofa to see what loose change it can find... But to put it in context - the £300m or so that might be raised from the [Eurostar] sale is not going to put much of a dent in the UK's public sector net debt load which stands at around £1,432bn, or 75% of gross domestic product."

NOBEL PRIZE

The Nobel prize for economics is going to be announced in Stockholm in about an hour.

According to the Guardian there's a British duo in the running - Sir Anthony Atkinson and Angus Deaton (not that one), for their work on equality and wellbeing.

MARKETS UPDATE

European markets have staged something of a recovery in the last hour or so, after falling in early trading. The

FTSE 100 is down just 2 points now, while the
Dax in Frankfurt is up 0.2% and the
Cac 40 in Paris is up 0.3%. On the FTSE it's the mining stocks that are buoying the market. Anglo American is leading the pack, up 2.75%.

Via Email

EUROSTAR

A comment from RMT union boss Mick Cash, who says: "This is a gross act of betrayal of the British people by a right wing government hell bent on selling off the family silver regardless of the real cost... This sell off is just a short sighted act of industrial vandalism based on a bankrupt pro-privatisation ideology. RMT will fight this tooth and nail."

AMAZON

Amazon
AFP

Amazon plans to create

1,000 new jobs across its UK distribution centres in Doncaster, Dunfermline, Gourock, Hemel Hempstead, Milton Keynes, Peterborough, Rugeley and Swansea Bay. It has also introduced changes to the way its staff work, which may be just as well given the
criticism it has received over its working conditions in the past.

OIL

Brent crude oil reached its lowest price since September 2010 this morning, falling below $88 a barrel. The oil price has been falling pretty steadily since the summer, despite continued disruption to production in places like Libya. So far, Opec, the oil producers' organisation, has resisted cutting production. But, as the
Wall Street Journal reports, that is creating a deepening rift between members.

FINLAND BLAMES APPLE

Apple's new i-watch
Reuters

How powerful is Apple? Well according to Finland's prime minister it could be responsible for the demise of the country's two biggest industries - mobile phones (specifically Nokia) and paper. "We have two champions which went down," Alexander Stubb told

CNBC.

PARIS MOTOR SHOW

Citroen's latest concept car, the DS Divine, in Paris
BBC

Want to see pictures of some outlandish cars of the future? Of course you do. This is Citroen's latest concept car, the DS Divine, from the Paris motor show. There are more in Theo Leggett's report

here.

Via Twitter

EUROSTAR

Adam Parsons

Business Correspondent

tweets: "Lord Deighton tells @bbc5live there's no guarantee Eurostar stake will be sold. If price isn't right, any deal is off."

EUROSTAR

Radio 5 live

Lord Deighton, commercial secretary to the Treasury, explains why the government is selling its 40% of Eurostar. "There's no real reason for us to continue owning it," he says. "It's just money locked up." He says if the government can get good value for money, they can pay down the national debt and invest where the money is needed - big projects like HS2, for example.

TAX

More miserable news for the Treasury. The

guardian reports today that HM Revenue and Customs missed its target for chasing tax evaders this year. Tax evasion costs £35bn each year and the government had pumped a cool £1bn into beefing up HMRC's capability to prosecute people. Unfortunately HMRC only prosecuted 795 rather than the 1,165 it was supposed to last year.

MARKETS UPDATE

The stock markets in Europe are trading lower this morning amid continuing concern over the state of the global economy. The

FTSE 100 is down 40 points, or 0.6%, to 6,300. The
Dax in Frankfurt is down 0.7% and the
Cac 40 in Paris is down 0.75%. Gold is benefiting from the weaker dollar and is up $8 to $1,231 an ounce. Meanwhile, Brent crude oil has fallen $1.12 to a four-year low of $89.09 a barrel.

TAX

BBC Radio 4

Danny Alexander
PA

"Having more people in work is the most important thing," says Danny Alexander, admitting there are plenty of young people starting out in low-paid jobs. "It may cause problems, but frankly it's a better problem to have than many other countries in the world are facing right now."

TAX

BBC Radio 4

Danny Alexander is on

Today, insisting he is upbeat about the economy despite concerns that tax receipts are coming in under forecasts. He says countries around the world look at the UK's recovery "with envy". We have the fastest rate of employment growth in the G7 countries, he says, and the fastest fall in unemployment.

STEAM TRAINS

A steam train
BBC

Steam trains are to make a comeback in Scotland, according to the

Edinburgh Evening News. It says new ScotRail owner Dutch firm Abellio thinks steam trains would make a nice tourist attraction. It's thought to be looking at eight routes across Scotland.

MARKETS UPDATE

The markets in London have been open for a little while but its a bit of a grim start to the day. The

FTSE 100 has fallen below 6,300 points, dropping 0.66% to 6,298. The
Dax in Frankfurt and the
Cac 40 in Paris are both down 0.85%. Concerns about faltering economic growth are continuing to hit market sentiment around the world, and the eurozone is a worry again.

AMAZON CREATES 1,000 NEW JOBS

Amazon has announced the creation of 1,000 new permanent UK roles. It currently employs 6,000 permanent staff in the UK. Last year Amazon also went on a recruitment drive to help in the run-up to Christmas. There's no word on whether it will be going on a similar recruitment drive for temporary staff as yet but expect something soon.

TESCO REVOLVING DOOR

Tesco trolleys
PA

Two more directors are heading for the door at Tesco as Britain's biggest retailer continues its investigation into a £250m hole in profits, the

Financial Times reports. It says company secretary Jonathan Lloyd will leave next March after serving his notice period. Ken Hanna, audit committee chairman and non-executive director, is also expected to stand down when his six-year tenure comes to an end later this year.

TAX

Figures from HMRC show that 35% of self-employed people earn less than £10,000 a year. So what effect might that have on public borrowing? The Treasury has been saying for months that borrowing is on target and that it expects a bumper tax take in January or February when people send in their income tax self assessments. But now the OBR's Robert Chote says tax receipts will come in below forecasts.

BANK BOSSES

mark carney
Reuters

Bank of England governor Mark Carney

hit out at bankers over the weekend, saying that those not happy with new rules making them criminally liable for bank failures should quit. "The individuals who ran the institutions got away. They got away with their compensation packages, they got away without sanction," he told an IMF event."Maybe they were not at the best tables in society after that, but they're still at the best golf courses. That has to change."

EUROSTAR

BBC Radio 4

The BBC's business editor Kamal Ahmed in on the

Today programme talking about the government's proposed sale of its 40% Eurostar stake. He says it's part of a big plan to sell off government owned assets, raising £20bn by 2020. He says the Royal Mint, the and Ordinance Survey mapping may also be up for sale, but not before the next election.

THORNTONS TRADING UPDATE

A Thorntons shop window
BBC

Thorntons has reported an 11.9% fall in first quarter sales to £41.4m. But the chocolatier says it remains confident that profits will be in line with market expectations of a pre-tax profit of £9.65m. Last year Thorntons reported profits of £7.5m.

NEW EUROZONE CRISIS?

BBC Breakfast

"Growth is back, lets face it, we have recovery," said Christine Lagarde, head of the IMF, at a meeting of finance ministers over the weekend. It's a shame the markets aren't so optimistic. Stock market strategist Jeremy Stretch tells Breakfast the UK should be particularly concerned about a possible slowdown in the eurozone. "We aren't immune to it," he says.

NHS STRIKE

BBC Radio 4

Thousands of NHS staff will

go on strike this morning in a pay dispute. It's the first time that has happened in at least 30 years. The BBC's health editor Hugh Pym tells
Today the dispute is the the culmination of the government keeping public sector pay increases at 1% for the last few years.

THRILLER

Michael Jackson in the Thriller video
BBC

The son of the president of oil-rich Equatorial Guinea has agreed to sell $30m (£23.6m) worth of assets, including a Malibu mansion, a Ferrari and part of his collection of Michael Jackson memorabilia, to settle an anti-corruption case in the US

World Service Newsday reports. Teodoro Nguema Obiang owns the jacket worn by the king of pop in the Thriller video and the crystal glove he wore during the Bad tour. But the settlement amount is only half what prosecutors originally wanted.

TAX

BBC Radio 4

Robert Chote
PA

Robert Chote, the head of the Office for Budget Responsibility (OBR) says income tax receipts this year are likely to miss forecasts. He tells the BBC it's due to rise in the personal tax allowance and an increase in the number of people in lower-paid work. That's "not particularly good news" for the public finances, he says.

CHINA

There's been some broadly

positive numbers out of China this morning. The world's second largest economy has reported rising exports and imports in September. Exports are up more than 15% year-on-year, while imports were up 7% - beating analyst expectations of a fall.

EUROSTAR

BBC Radio 4

Richard Hunter from Hargreaves Lansdown tells Justin Rowlatt on

Today that the governments planned sale of its stake in Eurostar is "small fry" when compared to the scale of the public debt. He says the sale is expected to bring in a figure in the "low hundreds of millions", compared with the £1.4tn national debt pile.

NEW EUROZONE CRISIS?

Radio 5 live

Carsten Brzeski, chief economist at ING in Germany tells

Wake Up to Money the only major issue for Germany's economy is that the government hasn't realised the problems it is facing yet. "Germany's economy is too dependent on exports to emerging markets. So there needs to be some thinking about what happens when the Chinese can produce the same quality cars as those made in Germany, but for less money," he says.

CHINA-RUSSIA

BBC World News

China's premier Li Keqiang is in Russia this week. World Business Report says the visit comes at a time when China is by far the stronger partner in the economic relationship. China is bigger, but energy hungry and will be looking to secure a favourable gas deal from its position of strength. "The Chinese are licking their lips right now," says Bill Browder from Hermitage Capital Management.

NEW EUROZONE CRISIS?

Radio 5 live

Anne Richards from Aberdeen Asset Management tells

Wake Up to Money the IMF's warning this weekend of another recession in the eurozone shouldn't come as a surprise. "Some of Germany's major partners aren't growing very quickly and I think it's beginning to suffer from the Russia-Ukraine effect," she says. "So it's becoming clear that Germany can't lift the eurozone out of this on its own.