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  1. Barclays reports rise in profits, more money set aside for PPI
  2. Jaguar Land Rover opens new factory
  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

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That it folks. Thanks for staying with us. We're back tomorrow with more breaking business news from 06:00. Join us then.


The third quarter growth figure means the US economy has grown at or above 3.5% for four of the last five quarters. The only exception was the fall in GDP seen in the first three months of the year, brought about by particularly harsh winter weather.

Via Twitter

Heidi Moore, Guardian's US finance and economics editor

tweets: "'Very thin' women make $22,000 a year MORE than overweight women."
Read full story on the Guardian's website.


Young Fathers

A group from Edinburgh are the surprise winners of this year's Mercury Prize, which is awarded for the best British or Irish album of the past 12 months. "Young Fathers" - a trio who play hip-hop - took the honour for their debut album, "Dead", which has sold about 2,500 copies. The band can expect to shift many more copies in the next few months.


The 3.5% growth rate is better than many analysts expected. The Commerce Department said it was driven by solid gains in business investment and export sales, and a jump in military spending.

BreakingBreaking News


The US economy saw an annual growth rate of 3.5% in the third quarter of the year, according to the Commerce Department.



Cereal company Kellogg reports third quarter results all the way from Battle Creek, Michigan. Sales dropped by 2.1%, as demand for its Corn Flakes and Special K is on the wane in the US, reports Reuters.


The BBC's business and economics analyst, Sebastian Chrispin, is at a conference on global taxation in London. Margaret Hodge, chair of the UK Public Accounts Committee, is there and says the global tax system needs to change. "Paying tax should cease to be a voluntary gesture for the rich and the powerful and a civic obligation for the rest of us. We should all pay our fair share of tax," she said.


Getty Images

BT has been one of the bigger fallers on the

FTSE 100 this morning, despite reporting a solid 13% rise in profits and an increase to the dividend. Shares are
down more than 3% because analysts are worried that BT is facing increased competition in the broadband market from the likes of BSkyB. Its share of net new customers in the UK is down to 48%.


The European markets have been on a downward trend for most of the morning, led by falls in commodity stocks which have been hit by a rise in the dollar.

  • The
    FTSE 100 is down 1% at 6,388
  • The
    Dax in Frankfurt is down 1.7% at 8,924
  • The
    Cac 40 in Paris is down 1.2% at 4,063


The first estimates for US third quarter GDP growth are out in under an hour. Wall Street analysts are forecasting an annualised growth rate of 3%, which would be less than the 4.6% seen in the second quarter, but still pretty healthy. Yesterday the US Federal Reserve sounded pretty upbeat about the US economy's prospects, despite worries over a broader global slowdown.


tim cook

Tim Cook has announced he is gay.

Writing in Bloomberg Businessweek, the chief executive of Apple says: "While I have never denied my sexuality, I haven't publicly acknowledged it either, until now. So let me be clear: I'm proud to be gay, and I consider being gay among the greatest gifts God has given me."


Royal Mint
Royal Mint

Today is your last chance to make an impression. Literally.

The Royal Mint's £1 design competition closes at midnight. Artists are invited to come up with concepts that "symbolise Britain" for the reverse side a the new coin, which will enter circulation from 2017. It will be 12-sided and bi-colour, with a gold-coloured outer ring and a silver-coloured centre.


Scarlett Johannson in SodaStream advert

Israeli fizzy drinks company SodaStream is moving one of its factories out of the West Bank,

the Telegraph reports. The firm's presence in the occupied territories have been the subject of much controversy, and brand ambassador Scarlett Johansson stepped down from a role at Oxfam earlier this year after the charity criticised her for endorsing the product. SodaStream says the move was a "purely commercial" decision.


Spain's economy is still growing, according to the latest official figures. GDP grew by 0.5% in the three months to the end of September, according to the country's National Statistics Institute. That's the fifth-straight quarter of growth - welcome relief after years of low growth and recession.



Lenovo's acquisition of mobile phone company Motorola is complete, Reuters reports. The Chinese firm, which is the world's leading PC maker, bought the firm from Google for $2.91bn.


Aviva is still reeling from George Osborne's decision to abolish the requirement for pensioners to buy an annuity. Its annuity business fell 33% in the first nine months of the year. The firm says it has "actively shifted [its] business mix" to counterbalance the reforms. Overall, the value of new business in the UK and Ireland fell to by 8% to £303m, although the firm fared better in France (up 33%) and Asia (up 36%).


Suzi Ring at Bloomberg has been looking at

transcripts of chats by "The Sterling Lads" - London foreign exchange traders who allegedly rigged currency rates. "Everything I touched today has cost me money. I just lost 10k there typing", says one HSBC man. Some of their other exchanges are too explicit to be reproduced here.


Government papers seen by the BBC show ministers are considering cutting Employment and Support Allowance, paid to people who are ill or disabled. It could be set at just 50p a week above Jobseekers Allowance for new claimants, rather than the current £30. The Department for Work and Pensions has stressed the idea is not policy.

Via Twitter

Simon Gompertz

Personal finance correspondent, BBC News

tweets: "Total global debt nears $100trn warns City AM! Really? Who does the world owe this too - Planet Jupiter?"


BBC News Channel

Simon Derrick from Bank of New York Mellon tells Ben Thompson on the New Channel that the US Fed isn't looking at an interest rate rise before next summer at the earliest - and probably towards the end of 2015. Yesterday the Fed reiterated it expectation that interest rates would remain low for a "considerable time".

Via Twitter

Robert Peston

Economics editor

tweets: "Small firms awarding more real wage rises than big firms right now, says @britishchambers. Is that your experience?"


The number of people unemployed in Germany has fallen by 22,000 in October, to a seasonally-adjusted total of 2.9 million. Analysts had been expecting a rise of 5,000.



Bit of a weird start to trading on the London market this morning. The

FTSE 100 went up and then came straight back down again. Currently it's down a couple of points at 6,452. Elsewhere:



It's full speed ahead at Volkswagen. The German carmaker announced that pre-tax profits have risen 33.6% in the past quarter, to €3.7m. Its luxury brands, including Audi and Porsche, have been selling well, and Volkswagen hopes to shift a total of 10 million vehicles by the end of the year.

Shares are up almost 4% in Frankfurt.


Getty Images

Virgin Atlantic is to

accept trainee pilots with no flying experience. The firm has launched an 18-month training programme, in conjunction with Southampton-based CTC Aviation, which will lead to a Civil Aviation Authority multi pilot licence and a position as a Virgin Atlantic co-pilot.


The market has reacted well to St James's buoyant results.

Shares are up almost 4% in early trading.


Wealth managers St James's Place have been benefitting from George Osborne's changes to ISAs. The firm saw a 50% increase in ISA investments after the chancellor raised the annual savings limit to £15,000. St James's is also looking forward to the relaxation of pension pot rules, which it says makes it "well positioned for continued growth".


BBC Breakfast


Steph McGovern is at the new Jaguar Land Rover factory in Wolverhampton this morning, looking at engines and bits of manufacturing equipment. She says the factory will be building one of these engines every 42 seconds when it's fully up and running. JLR executive director Mike Wright says Wolverhampton was the best place for the £500m factory.



An update from Rangers, where Newcastle United owner Mike Ashley is now effectively in charge. The Glasgow club has appointed non-executive chairman David Somers as executive chairman on a temporary basis, charged with finding a new chief executive and finance director. Mike Ashley forced out the previous management team as part of a £2m loan deal to save the club from administration.


One interesting line in the Barclays results is that it's booked a £461m gain related to the Lehman Brothers collapse. It reflects "a greater certainty around the recoverability of assets not yet received from the 2008 US Lehman acquisition", the bank said.



Oil giant Royal Dutch Shell has reported profits of $5.8bn for the three months to September. Chief executive Ben van Beurden played down falls in the global oil price. "The recent decline in oil prices is part of the volatility in our industry," he said. The company has also appointed former chairman of Bank of America, Charles Holliday, as its new chairman, starting in 2015.


New buyer enquiries

This chart,

from Nationwide's report, may back-up Mr Gardner's speculation about London house prices. New buyer enquiries in the capital are significantly lower than the rest of the UK.


BBC Radio 4

The prospect of interest rates going up "may be one of the key factors" in the slowdown of house prices, Robert Gardner, Nationwide's chief economist, tells Tanya on Today. He says affordability in London is so stretched that there is "certainly a possibility" that the rest of the UK could outpace the capital in terms of price growth.


UK house prices rose by 0.5% in October, according to Nationwide, but the annual rate of growth slowed to 9%.



The bank has set aside a further £170m to cover Payment Protection Insurance (PPI) payouts. It has also reserved £500m to cover costs related to the foreign exchange trading scandal. It's believed to be one of six banks that is in talks with UK regulators about a settlement over alleged manipulation of foreign exchange markets.


Barclays chief executive Antony Jenkins said the investment bank part of the business was "disappointing", but said: "In aggregate, this is a good performance from the group, our strategy is working, and we expect to see continued progress as we go forward."


BT has reported a 13% rise in pre-tax profits for the three months to the end of September. "Our Consumer business continues to perform well thanks to the impact of BT Sport where Premier League audiences are up around 45%, on average," says chief executive Gavin Patterson.

Via Twitter


Adam Parsons

Business Correspondent

tweets: "Barclays: extra PPI provision of £170m, interest rate hedging provision £160m Forex investigation provision £500m"