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Summary

  1. Welcome to the new-look Business Live page
  2. Sharp losses for shares in Europe
  3. AbbVie abandons merger with Shire
  4. The morning's main business programmes are available on the Live Coverage tab

Live Reporting

By Edwin Lane and Ben Morris

All times stated are UK

Get involved

That's it from us for another day on Business Live. We'll be back tomorrow with more business headlines from 06:00. See you then.

INEQUALITY VIDEO

Lamborghini
AP

Take just sixty seconds to learn some shocking facts about global inequality.

You can find it in our "key video" area.

BreakingBreaking News

GOLDMAN SACHS RESULTS

Wall Street heavyweight Goldman Sachs has reported a 50% rise in net profits for the three months to September. It made $2.1bn, with a pickup in the bond market boosting trading revenue.

OIL BELOW $80

West Texas Crude
Bloomberg

The price of US crude oil has fallen below $80 a barrel for the first time since June 2012. The benchmark West Texas Intermediate contract fell as low as $79.89 per barrel. Oil prices have fallen sharply recently on concerns of an oversupply in the market and a slowing global economy.

SUPPORT FOR GREECE

Eurozone flags
Getty Images

European officials are scrambling to prop up confidence in Greece. The European Central Bank has pledged extra funding for Greek banks, if the government keeps to the bailout programme. And a spokesman for the European Commission said Europe will continue to support Greece "in whatever way is necessary". Popular leftist politicians in Greece would like to exit the international bailout programme early.

Via Blog

TATA STEEL

Douglas Fraser

Business and economy editor, Scotland

blogs: "What makes [the unions] nervous about their future is that the offloading of part of Tata's UK and Dutch steel-making division is from a position of weakness rather than strength."

UNHAPPY LUFTHANSA

Lufthansa logo
EPA

Lufthansa is unhappy about "unfair" competition on routes to the Gulf. It has dropped its daily service to Abu Dhabi, blaming "state-subsidised" carriers that have "massively" increased their presence on the routes. It said Etihad had been "unfairly" allowed to offer code-sharing flights with Air Berlin.

Via Blog

Rory Cellan-Jones

Technology correspondent

blogs:

For anyone who believed the internet and social media would foster a new era of free expression and open debate, this is a depressing time. It seems no area of discussion is free from mindless and often vicious exchanges between people who have different opinions.

VOLVO CARS

Volvo logo
Reuters

Volvo Car Group is expanding its workforce in Sweden by 1,300. The company is accelerating production after sales rose more than 9% in the first nine months of the year. Volvo cars was bought by China's Zhejiang Geely from Ford in 2010.

TATA STEEL

Tata Steel, sign
PA

Steel has a "sustainable long term future" in the UK, according to business minister Matthew Hancock, answering an urgent question on the planned sale of some of Tata Steel's UK operations. "We are working with the metals sector to develop further our metals industrial strategy." No word on the 6,000-odd jobs at risk, though.

GREEK DEBT

Greek 10-year bond yields
Bloomberg

In the world of government debt, this is a dramatic chart. It shows the yield on 10-year Greek government debt, effectively the cost of borrowing for Greece. It's jumped more than 200 basis points or 2% this week, which is a massive move. "Frightening" is how Jamie McGeever, chief markets correspondent at Reuters, describes the move.

Via Email

DEFLATION IN EUROPE

Andrew Walker

BBC World Service Economics correspondent

"There are now five countries with annual deflation - Greece, Italy, Spain, Slovenia and Slovakia. Slovenia is new. But two countries have moved out of deflation. They are Portugal (0.0) and Estonia (+0.2). Monthly price changes show falls in a different group of countries - Belgium, Estonia, Ireland, France, Cyprus and Malta."

MARKETS UPDATE

The jitters on the markets are continuing this morning, with the

FTSE 100 down nearly 2% again, and markets across Europe also tumbling.

  • Frankfurt's
    Dax is down 2.3%, the
    Cac 40 in Paris is down 3.5%
  • Madrid, Lisbon and Athens all falling amid eurozone concern

HUAWEI

No boss of Huawei, the Chinese mobile giant taking on the likes of Apple and Samsung, has ever given a broadcast interview - until now. Watch Linda Yueh's exclusive chat with Guo Ping, the current CEO, in our Key Video section. "It's very important for us to establish a trusted global brand," he says.

GREEK BONDS

Greek bonds
BBC

Greek bond yields have shot up to their highest level in eight months amid concerns over Greek government plans to end its bailout early. The BBC's Simon Jack points out that Greek bond yields have risen from 5.7% to 8.6% in just the last month.

ANDROID ADS

Andriod adverts
BBC

Google has spent some serious money on adverts for its Android operating software in today's newspapers. It likens Android to a party that anyone can join, because Google makes the software available to all tech firms. We're not quite sure why Android has decided to make this point now. Could it be a dig at Apple and its exclusive operating system?

EUROZONE INFLATION

Swaha Pattanaik from Reuters Breakingviews writes: "The ECB not-so-secretly hopes a cheaper currency will boost euro zone inflation. Good luck. The fall in dollar-denominated commodity prices is deflationary. And with demand weak, firms will struggle to pass on higher import prices. Only a huge euro slump would bring real relief."

BreakingBreaking News

EUROZONE INFLATION

Inflation in the eurozone fell to just 0.3% in September, according to

figures just released by Eurostat. It's the lowest rate of price growth seen in five years.

HUAWEI

Huawei logo
Getty Images

Chinese mobile giant Huawei has three chief executives that share the job on six-month rotations. The one in charge at the moment, Guo Ping, tells the BBC's Linda Yueh that a ban on bidding for contracts in the US is

"not very important". Many in the US don't trust Huawei to work on sensitive areas like communications technology.

Via Twitter

John Moylan

Industry correspondent, BBC News

tweets: "Police staff incl Community Support Officers & 999 call takers to be balloted for ind action re 1% pay offer - @unitetheunion #UNISON, #GMB"

TESCO

Warren Buffett
Getty Images

Legendary billionaire investor Warren Buffett has been cutting his stake in Tesco. According to

filings this morning his stake in the supermarket chain has fallen below 3%. At the end of last year it was 3.7%. Tesco shares have fallen by 50% this year, and two weeks ago Buffett called his investment
"a huge mistake".

MARKET UPDATE

FTSE 100
BLOOMBERG

After an early strong rebound the

FTSE 100 has fallen back to 6,220 points, which is up 0.1%.

'SEISMIC' HBO

Game of Thrones
AP/HBO

Customers of US cable TV have long complained that they pay for hundreds of channels they never watch.

The Wall Street Journal explores whether that era may be coming to and end after HBO (home of Game of Thrones) announced that it would be offering a streaming video service. One expert quoted in the piece described the move as a "seismic event".

Via Twitter

WHISKEY

Douglas Fraser

Business and economy editor, Scotland

tweets: "Diageo, incl 40% of Scotch whisky, reports total sales volumes down 3.5% in 3 mths to Sept. Weak emerging markets, adverse currency moves."

SHIRE SHARES

Shire
BBC

Shire's shares fell again this morning, after its takeover by AbbVie was effectively called off. The pharmaceuticals firm is currently down about 9%. The share price has fallen 30% since its closing high at the end of trading on Tuesday.

NECTAR POINTS

Radio 5 live

Jan-Pieter Lips, regional president Aimia, which runs Nectar is on

Radio 5 live. He explains that Sainsbury's is issuing fewer base points, which are linked to how much money you spend, and will be issuing more bonus points which are linked to promotions and events. When he is asked about the rise of Aldi and Lidl, he says: "It's not just about price for consumers."

MARKETS

BBC Radio 4

The BBC's economics editor Robert Peston says the slowdown in China is the big factor behind recent global market jitters. "There is a growing realisation that China cannot be the exception to the normal rules of economics," he tells the

Today programme. "This is a period of readjustment to the reality that the [global economic] recovery is running out of steam."

MARKET UPDATE

FTSE 100
BLOOMBERG

There's been a sharp rebound for shares in London where the

FTSE 100 is 1% higher in the early going.

  • Shire down 11% after AbbVie deal collapses
  • GKN biggest winner up 3%
  • Frankfurt's
    Dax up 0.9%, the
    Cac 40 in Paris is up 1%

LONMIN DENIAL

Some strong comments from Lonmin, which is

rejecting claims that it shifted profits away from South Africa to bolster its position in wage negotiations.
Lonmin says documents from the Alternative Information & Development Centre contain "false accusations, misleading generalisations, ignorant conjecture and destructive innuendo".

Via Twitter

MARKETS

Adam Parsons

Business Correspondent

tweets: "FTSE100 opens up 1%"

GIANT CRUISE SHIP

The Oasis of the Seas
PA

Several newspapers,

including the Daily Mail, report on the world's biggest cruise ship docking in the UK for the first time. The Oasis of the Seas arrived in Southampton on Wednesday morning. The vessel belongs to Royal Caribbean International and is 40% bigger than any other vessel to dock in the UK, says The Mail. It's attractions include the world's first open air garden at sea, with 12,000 plants. It also has an "elevating bar", whatever that is.

HUAWEI

BBC World News

Can China innovate? Huawei - the third biggest mobile phone maker after Apple and Samsung - thinks so. The BBC's chief business correspondent Linda Yueh

has been given unprecedented access to the company and tries out teleconferencing facilities for restaurants that let families eat together in different cities.

NESTLE

Nescafe jars
Reuters

Food giant Nestle, which owns brands from Kit Kat to Nescafe, has reported a 3.1% slide in sales for the first nine months of the year. It blamed a "volatile global trading environment", weaker consumer spending and unfavourable exchange rates.

SHIRE WINDFALL

Shire plant, Lexington, Massachusetts
Reuters

Shire can expect a $1.6bn (£1bn) break-up fee if AbbVie shareholders vote against a deal to buy the pharmaceuticals firm. That seems certain after AbbVie's board recommended that shareholders vote against the takeover. AbbVie said that changes in US tax rules means the deal is no longer in the best interest of shareholders.

SWISS SLOWDOWN

Matterhorn, Zermatt
Reuters

The Swiss government has cut its forecast for growth for this year and next year. It blamed weak demand among countries of the Eurozone. The government now expects growth of 1.8% this year and 2.4% in 2015, down from 2% and 2.6% respectively.

Via Twitter

Michael Hewson, chief market analyst, CMC Markets

tweets: "
Jittery markets expected to open slightly higher ahead of EU CPI"

WH SMITH RESULTS

WH Smith also

has results out. It made a pre-tax profit of £112m for the year to August. That's up from £103m it made in the previous year. Most of its profits came from its "Travel" business, which operates WH Smith outlets in airports, train stations and motorway service stations.

Via Twitter

Adam Parsons

Business Correspondent

tweets: "Game - growing, making profit with cash in the bank. What a comeback"

DIAGEO SALES FALL

Diageo whisky
PA

Drinks company

Diageo has reported a 1.7% decline in sales for the three months to the end of September, which it described as "in line with expectations". It highlighted weak consumer confidence in North America in "average income households". Performance in Europe was hit by falling sales in Russia and Easter Europe, which it partly attributed to events in Ukraine.