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Summary

  1. High speed rail boss gives support to HS3
  2. Twenty-four European banks fail stress tests
  3. The morning's main business programmes are available on the Live Coverage tab

Live Reporting

By Edwin Lane and Joe Miller

All times stated are UK

Get involved

That's it from us for today. Come back tomorrow from 06:00 GMT for more business news.

LISTEN AGAIN

World Service

The World Service's latest business update has

just been published. Have a listen to this nine-minute clip.

LISTEN AGAIN

World Service

Tanya Beckett presents a banking special

Business Daily, with detailed analysis from the BBC's Andrew Walker on the European authorities' stress tests. She also asks Wim Mijs, head of the European Banking Federation, what the continent's banks are going to do about them. Also in the programme, the FT's Lucy Kellaway explains why, when it comes to personal organisation, she prefers dead trees to digital.

Via Twitter

HS3

Ben Thompson

Business correspondent, BBC News Channel

tweets: "On #HS3, @flybe boss tells us "govt should better spend the money on reform of 'punitive' air passenger duty with immediate benefit""

MONTE DEI PASCHI

More on the flagging Monte dei Paschi bank.

The Wall Street Journal quotes Fabio Panetta, deputy governor of the Bank of Italy, who seems keen on a sale of the centuries-old institution. "If a merger or takeover made MPS more solid, better able to give credit to the economy, we would be more than happy," he said. "We'd be happy for any solution that left the bank more solid."

Via Blog

CHINA INNOVATION

Linda Yueh

Chief business correspondent

blogs on whether China can learn to innovate: "Innovation, of course, takes on many forms. But, they share one thing in common: talent."

MARKETS UPDATE

The major European indexes are all down this afternoon, dragged lower in part by banks including Lloyds and Societe Generale.

  • In London, the
    FTSE 100 is down 0.58% at 6,381.71
  • In Frankfurt, the
    Dax is down 0.45% at 8,947.63
  • In Paris, the
    Cac 40 is down 0.4% at 4,112.35

BRAZIL

Brazil's currency, the real, has

fallen by more than 3% against the dollar following Dilma Rousseff's re-election, after some investors rushed to sell assets in the country.

F1 CLOSURES

Max Chilton
PA

Marussia has followed Caterham to become the second F1 team placed in administration within days, leaving up to 200 jobs at risk. The Banbury-based team will continue to operate, but has already withdrawn from the forthcoming US Grand Prix.

PUBLISHERS PURSUE START-UP

Blendle
Blendle

Blendle, a six-month old Dutch start-up that has been dubbed the "iTunes of journalism", has
received the financial backing of the New York Times and German publisher Axel Springer. The online platform aggregates content from several news providers, and users pay per article they read - if they like it that is. Refunds are issued to the unsatisfied.

Via Twitter

HS3

Joe Anderson, Mayor of Liverpool

tweets: "I don't agree with Liverpool's Combined Authority chair - I don't welcome Osborne's proposals to leave our City Region out of HS3"

BRAZIL

After initially falling by as much as 6%, Brazil's

Bovespa index has recovered, and is now up 2.4%. Investors were reacting to the
re-election of president Dilma Rousseff, who is seen as less pro-business than her defeated rival, Aecio Neves.

GERMANY

More worrying economic news from the engine of the eurozone, Germany. Business confidence is at its lowest level for two years, according to the Munich-based Ifo Institute for Economic Research. Ifo economist Klaus Wohlrabe says he expects zero growth in the fourth quarter in Germany and said there were "almost no bright spots" for German industry at present.

BRAZIL

Dilma Rousseff supporter
Getty Images

Dilma Rousseff has narrowly won a second term as Brazil's president, keeping the left-wing Workers Party in power for another four years.

In this report (published before the result) Katy Watson looks at how the party's financial help for poor people has won it so much support.

MARKETS UPDATE

The

FTSE 100 has headed south after rising in early trading. It's now down 0.4%, with
Lloyds among the fallers despite surviving the weekend "stress tests". Both the
Dax in Frankfurt and the
Cac 40 in Paris are down 0.8%.
Commerzbank is the biggest riser on the Dax.

Via Email

RANGE ROVERS

The Society of Motor Manufacturers and Traders emails in response to the story that criminals are stealing Range Rovers using key fobs: "The challenge remains that the equipment being used to steal a vehicle in this way is legitimately used by workshops to carry out routine maintenance. As part of the need for open access to technical information to enable a flourishing after-market, this equipment is available to independent technicians. However a minority of individuals are exploiting this to obtain the equipment to access vehicles fraudulently."

Via Twitter

HS3

Adam Parsons

Business Correspondent

tweets: "Notable that both David Higgins and Patrick McLoughlin have talked about an "HS4" going to Scotland...@bbc5live"

BEYONCE TO TOPSHOP

Beyonce
AP

Retail mogul Sir Philip Green and pop queen Beyonce are teaming up. The duo are launching a "global athletic street-wear brand", called Parkwood TopShop. Clothing and footwear will be distributed via Topshop stores and its website, starting in the autumn of 2015. "I could not think of a better partner as I continue to grow the Parkwood business," is what Beyonce had to say.

HS3

BBC News Channel

news channel
BBC

Sir David Higgins, HS2 boss, is talking to Ben Thompson on the News Channel. He says doubling the capacity between Manchester and Leeds, and improving the route's reliability will mean people will use it more for going to meetings. He says most of the work would be upgrading existing routes rather than building new lines through the countryside.

PETROL PRICES

Missouri
AP

Drivers in Missouri must be cheering the declining value of crude oil. Petrol prices in the state have dropped by 18% to $2.77 a gallon, making it the cheapest place in the US to fill up,

according to Forbes.

TESCO PERKS

Former Tesco boss Philip Clarke still has access to many corporate perks, including a chauffeur, the

Daily Mail reports. The firm is in the doldrums after it overstated its guidance for half-year profits by £250m - a period during which Mr Clarke was in charge. Tesco's market value has more than halved in the weeks following the scandal.

Via Blog

STRESS TESTS

Robert Peston

Economics editor

blogs: "The economic benefit for the eurozone of strengthening its remaining weak banks is likely to be muted, because its big flaws are elsewhere."

RANGE ROVERS

Jaguar Land Rover
Jaguar Land Rover

The Daily Mail reports that following a crime wave,

insurers are refusing to cover London-based luxury 4x4s, unless owners have underground or secure parking. A spokesman said the carmaker was "taking this issue very seriously". Unsurprising, given that Range Rover models have driven double-digit sales growth to the firm in the last year.

Via Twitter

TRADING SUSPENSION

Adam Parsons

Business Correspondent

tweets: "Trading in Italy's Banca Carige suspended after shares opened down more than 17 percent"

MONTE DEI PASCHI

Trading in the beleaguered bank's shares has now been suspended.

MONTE DEI PASCHI

Monte dei Paschi di Siena
Monte dei Paschi di Siena

Shares in the aforementioned Monte dei Paschi bank, which fared worst in the "stress tests" administered by European authorities, have plummeted by 15%. Tough times for the Italian institution, which has been around since 1472, and was founded for the purpose of granting loans to "poor or miserable or needy persons".

MARKETS UPDATE

The

FTSE 100 has opened higher this morning. It's up about 0.6% so far at 6,429 points.
TUI Travel is the biggest riser, up 2.8%.
Lloyds is among the fallers after it passed the European stress tests over the weekend, but by a narrower margin than other banks.

COMMERZBANK

Shares in German bank

Commerzbank have shot up by more than 7% in early trading on the
Dax, after the firm passed the European "stress tests", which measure lenders' ability to withstand another financial crisis.
Deutsche Bank shares were also up, by 2.7%. Both stocks have driven the Frankfurt-based index up by 1%.

HS3

BBC Breakfast

Breakfast
BBC

Paul Swinney, economist at Centre for Cities, points out that shaving 20 minutes off train times between Leeds and Manchester could have a significant economic impact because it makes it easier for people to commute, meaning businesses will be more likely to get the right people. "It'll be costly, yes, but it will be worth it hopefully," he says.

HS3

BBC Radio 4

Never mind HS3, there's still plenty of opposition to HS2, the

Today programme reports. Joe Rukin is the manager of the Stop HS2 campaign. He says its not clear if HS2 and HS3 is about speed or capacity. He says capacity demands could be met by building a new line across the Pennines for about half a billion pounds, rather than the billions being quoted for HS3.

AMAZON STRIKE

Amazon
Getty Images

The German union Verdi has urged Amazon workers in the country to go on strike, over pay and conditions. The e-commerce giant employs 9,000 warehouse staff in Germany, Reuters reports, plus 14,000 seasonal workers. The union wants assurances that employees will be given healthier working hours as well as holidays and breaks.

RANGERS

Mike Ashley
Getty Images

The chief executive of Rangers football club has resigned as part of what the

Daily Record calls a "power grab" by Newcastle and Sports Direct owner Mike Ashley. We (the BBC) reported that Ashley
agreed a £2m loan with the Glasgow club over the weekend to stave off administration.

HS3

Radio 5 live

HS2 chairman Sir David Higgins has been talking to Adam Parsons, who asked whether an HS4 railway is on the cards. "Ultimately the network needs to be able to get through to Scotland, Edinburgh, Glasgow and be part of the plan," said Sir David. "A combination of upgrading existing network plus new line. Not all of it has to be new."

BRAZIL

BBC Radio 4

Wyre Davis reports from Sao Paulo on Dilma Rousseff's win in Brazil's election. He says there is still a huge challenge ahead for the re-elected president. "The standards of public services are too low for a country that prides itself on being the seventh largest economy in the world," he says. "The government deserves credit for bringing millions of people out of poverty, but as a result expectations are much higher."

CANON

Canon
Canon

Japanese imaging firm Canon has had a

disappointing third quarter, with net sales down 4.5%. Cameras, especially compact digital models, are faring badly, and demand has slowed in Europe due to the sluggish economy, the company says. Inkjet printers and other office tools were in stronger demand.

PENSIONER BONDS

BBC Breakfast

Steph McGovern is talking about pensioner bonds on

Breakfast. They allow pensioners to lend money to the government at a decent 4% rate. That compares with about 2.5% on the current market. Anna Bowes, director of Savings Champion, tells Steph there's already been huge interest from people looking for a better rate for their savings.

Via Email

HS3

Richard Westcott, the BBC's transport correspondent, emails to say that HS3 won't be especially fast, when compared to HS2. "Because of the short distance and the number of stations, I am told they might be able to get trains up to 125mph in stretches (from maybe about 90mph today). Which is the same as the main intercity lines we currently have," he explains. "But HS2 trains will run at 225mph."

HS3

BBC Radio 4

Very little detail in this

report on HS3, says Dan Johnson,
Today's North of England reporter. He says the prime minister has given his backing to the idea, but no one knows how much it will cost yet, when it might be built, or where the route could go. He points out they haven't even started building HS2 yet.

BRAZIL

Dilma
Getty Images

The markets are expected to be less-than-thrilled with the re-election of Brazil's Dilma Rousseff. But although trading in Latin America and the US has yet to begin, there is one early sign of instability. As

Business Insider reports, a Tokyo index that tracks Brazilian stocks has already fallen 7%.

EU STRESS TEST

BBC Radio 4

Monte
Reuters

Peter Hahn gives us the correct pronunciation of Monte dei Paschi - a hard 'c', it would seem. The Italian bank has been told it needs to raise €2.1bn after the European stress tests - by far the worst performer. It's also the oldest bank in the world. Founded in the 15th century, apparently.