Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.

Summary

  1. Deutsche Bank reports large loss due to Libor fines
  2. US central bank expected to end QE stimulus
  3. Pilots' strike costs Air France €400m
  4. 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. We'll be back with more business news from 06:00 tomorrow. See you then.

STRAWBERRIES FOR XMAS

Strawbs
BBC

The Independent is one of several papers licking their lips at the prospect that British fruit farms will still be picking strawberries in December for the first time, after the long summer and mild autumn produced a record crop. The British Summer Fruits Association said ideal growing conditions had produced sweet fruit for longer than usual, and this year the season could last for nearly 40 weeks.

'FIT-FOR-WORK' CONTRACT

BBC News understands that

US company Maximus has been awarded a 3.5 year contract to carry out the government's "fit-for-work" benefit checks. It will replace ATOS, after the French firm left its contract following a series of complaints and mistakes. The new agreement has not been formally confirmed.

TESCO

The Serious Fraud Office won't confirm reports that it is about to launch a formal investigation into Tesco, but says "obviously we are aware and are following developments with interest".

Via Twitter

LISTEN AGAIN

World Service

tweets: "The president of Zambia has died and the US Federal Reserve is to end QE.
Hear the latest update

Via Blog

US FED

Robert Peston

Economics editor

blogs: "As the Fed Reserve ends quantitative easing, those who prophesied that these trillions of dollars of debt purchases would spark uncontrollable inflation have been proved wrong. But QE could still prove toxic."

Via Twitter

TESCO

Sky News Newsdesk

tweets: "Sky Sources: the Serious Fraud Office is to launch an investigation into #Tesco"

OPERATION

operation
Getty Images

The creator of the famous game Operation has turned to crowd funding to raise money for his own operation.

The Verge reports that John Spinello, 77, doesn't get royalties from the sales of the game, and needs $25,000 for oral surgery.

NFL COMES TO LONDON

NFL
Getty Images

A London-based NFL team

could be worth more than £100m a year to the UK, according to a Deloitte study. It says the two American Football games at Wembley in 2013 brought an extra £32m to London. The US franchise is hoping to bring four games to the capital each year by 2016, and is aiming for a full-time London team by 2022.

0.5% FOREVER?

"Interest rates in the UK may not ever go up from the near-zero level of the last few years," claims

Matthew Lynn over at MarketWatch. He draws similarities with Japan, which "cut its rates to those levels more than two decades ago and it is no closer to a rate rise now than it was in the mid-1990s". Ominous.

HUNGARY PROTESTS

Hungary protests
AP

Tens of thousands of protesters have

marched through the Hungarian capital Budapest against plans to tax internet use. The government has drafted a law which would levy a fee on each gigabyte of data transferred.

Via Twitter

Peter Spiegel, Brussels bureau chief for the Financial Times

tweets: "Germany exports to Russia down 26.3%, federal statistics office reports. #Sanctions"

TOTAL

Total
AFP

French oil company Total has reported a

2% fall in profits in its latest financial results. It also confirmed the appointment of Patrick Pouyanne as its new chief executive. He was given the job after the death of the previous boss, Christophe de Margerie, in a plane crash in Moscow last week.

US FED

BBC World News

Can the patient live without the life support of the US Fed's QE programme? That's the question for the US economy says

World Business Report. The BBC's Samira Hussain says its clear the next move for the Fed will have to be a rate hike, but getting the timing right will be tough, and it's a decision that has global implications.

TESCO SUPPLIERS

Companies including Unilever, Proctor & Gamble and Coca-Cola are bringing in auditors to check the books of their UK divisions,

the Telegraph reports, following the accounting scandal at Tesco. "There are questions in the industry about how a black hole of that scale could emerge in Britain's biggest retailer, whether there are financial repercussions for suppliers," writes Graham Ruddick.

NO DATA

Can you live for a day in the city without leaving a trail of data? Our technology correspondent

Rory Cellan-Jones finds out. "You won't be able to live a 21st Century life," one expert tells him. You can also watch Rory's film in our
key video section.

NEW PASSPORT

FT
BBC

Are you bored of your passport? Want to get a new one? The tiny Caribbean state of St Kitts & Nevis has published this glossy brochure in this morning's FT, advertising its "Citizenship by Investment" programme. For an investment of just $400,000 in the islands you can become a proud St Kitts & Nevis passport holder and enjoy the golf courses and favourable tax arrangements.

BANKRUPTCIES

Bankruptcies
Insolvency Service and Companies House

This graph from the Insolvency Service shows which sectors suffered the most liquidations in the past year. In the 12 months to the end of September 2014, one in 186 companies went into liquidation, the service adds.

MARKETS UPDATE

The European markets are still trading higher this morning, amid a busy period for corporate results.

BANKRUPTCIES

The number of people declaring personal bankruptcy

has fallen by almost 19%, according to the Insolvency Service. In the third quarter of this year, 4,886 orders were recorded in England and Wales, compared with 6,009 in the same period last year. The number of company insolvencies also decreased - by 11.7%.

NEXT

BBC News Channel

BBC
BBC

"Retailers love to blame the weather, but this time it's actually quite justified," says Natalie Berg from Planet Retail, talking about Next's lower profit forecasts for the year. "It was the driest September in a 100 years, October is looking like one of the warmest on record... when its 19 degrees out people aren't thinking about buying cashmere jumpers and winter coats."

Via Twitter

Robert Peston

Economics editor

tweets: "If you are an entrepreneur, how do you feel that Management Today has chosen @VictoriaBeckham as the UK's number one entrepreneur?"

Via Twitter

Ben Thompson

Business correspondent, BBC News Channel

tweets: "15.9% of households have no adults working. That's down 1.4% from last year and the largest fall since records began."

UK MORTGAGES

UK mortgage approvals are at the lowest level since July 2013, according to figures from the Bank of England. 61,247 were given the go-ahead in September, down from 64,054 in August.

HITACHI

Japanese conglomerate Hitachi has reported a strong rise in pre-tax profits for the six months to end of September. The firm pulled in 209.51 yen (£1.2bn), up 54.6% on the same period last year.

RANGERS FC

Rangers
Getty Images

How did Rangers come within 48 hours of administration and need a £2m loan from Newcastle United owner Mike Ashley? BBC Sport Scotland's Chris McLaughlin

explains all.

PRODUCTIVITY

BBC Radio 4

The UK economy's productivity has suffered because companies have hired too many people, according to a report by PwC. Anthony Bruce from the group says businesses need to start using things like big data analytics to work out what their future demand is going to be and managing their workforces appropriately.

ALDI & LIDL

BBC Breakfast

Breakfast
BBC

Steph McGovern is spending the morning in Frankfurt for Breakfast, talking about Lidl and Aldi's growth in the UK. A German retail analyst tells her that the budget chains have pretty much reached a peak in Germany, while the are still expected to see significant growth in the UK.

CARE WORKERS' PAY

Britain's biggest trade union, Unison, has accused councils of failing to ensure that care workers are paid the national minimum wage. Responses to a Freedom of Information (FOI) request show that only 6% of local authorities insist that homecare providers pay carers for time spent travelling between clients. Unison says travelling can take up 30% of a carer's shift.

MARKETS UPDATE

Markets in Europe have opened higher.

  • The
    FTSE 100 is up 30 points at 6,432
  • The
    Dax in Frankfurt is up 57 points at 9,125
  • The
    Cac 40 in Paris is 8 points higher at 4,121

LG RESULTS

G3
LG

Sales of LG mobiles have driven the company's net profits up by 87% in the third quarter of this year. The firm's handset unit shifted 16.8 million smartphones during that period.

WHATSAPP

WhatsApp
AFP

Business Insider highlights details of WhatsApp's financial performance in Facebook's results, released last night. The messaging service, bought by Facebook for about $22bn earlier this year, made a net loss of $138 million in 2013, bringing in just $10.2 in revenues.

Via Twitter

US FED

Adam Parsons

Business Correspondent

tweets: "Wake up to Money's fact of the day: with the money it spent on QE, the US could instead have bought every single cow in the world."

HEATHROW

BBC Radio 4

Heathrow
Heathrow

John Holland-Kaye, chief executive of Heathrow, is on

Today. He says the drop in pre-tax profits is "entirely driven by some one-off adjustments" and re-financing, which, he claims, is the "nature of modern business". Mr Holland-Kaye adds that shopping is a big part of Heathrow's income, but although it "helps to keep passenger charges down," it is "not what we are here for".

NEXT

Next says it now expects to make between £750m to £790m in pre-tax profits this year, 3% lower than the guidance it previously gave.

Via Twitter

Andrew Clark, deputy business editor of The Times

tweets: "BSkyB get down with the kids by investing in Whistle Sports, a YouTube network for millennials interested in such things as Ultimate Frisbee"

NINTENDO

Nintendo has just reported a $2m profit for the three months to September, raising hopes that it could soon record its first annual profit in four years. All eyes are now on the crucial Christmas period, with new games for its 3DS and Wii U consoles set for release.

HEATHROW

Pre-tax profits at Heathrow have fallen to £58m in the nine months to end of September, down from £266m in the same period last year. The revamp of Terminal 2 makes up part of the shortfall, as does re-financing. Heathrow's traffic rose 1.5% to 55.7 million passengers.

NEXT

next
PA

Next has reported a

5.4% rise in sales for the third quarter - much less than the 10% it had previously hoped for. It has also downgraded its profit and sales forecasts for the year thanks to the unseasonably warm weather that has continued into October.

AIR FRANCE

Air France check-in, Nice
AFP

Air France is feeling the effect of the two-week long pilots' strike that took place last month. It's third quarter operating profit more than halved, falling to €247m from €641m in the same period last year. The airline estimates the strike reduced revenues by more than €400m.